Ascend Money Secures $195 Million Funding to Expand Fintech Footprint in Southeast Asia

Thailand-based Ascend Money has secured $195 million in funding from Mitsubishi UFJ Financial Group (MUFG) Bank, with additional participation from the Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co. 

Ascend Money, a subsidiary of Charoen Pokphand Group and recognized as a fintech unicorn, operates across Southeast Asia, serving a broad market spanning seven countries. 

Ascend Money, funded by a $195 million investment led by MUFG Bank and the Finnoventure Private Equity Trust I, aims to enhance its role in Southeast Asia’s fintech sector. Founder and Chairman Suphachai Chearavanont expressed the importance of this milestone, stating it validates Ascend Money’s dedication to innovation and financial inclusion in Thailand. He emphasized the growing confidence in Ascend Money’s potential to advance digital finance initiatives.

With the infusion of funds, Ascend Money plans to accelerate its mission of offering inclusive financial services to underserved consumers and small businesses. It is expected to support economic growth and improve financial well-being throughout Thailand, leveraging its TrueMoney platform’s capabilities in electronic payments, lending, Buy Now Pay Later (BNPL), investments, and insurance across the region.

As Thailand’s most prominent digital financial services provider, Ascend Money has a user base of 30 million active customers. Its expansive network includes partnerships with prominent corporations, businesses, and merchants, enabling broad accessibility to its comprehensive suite of financial solutions both online and offline.

Yasushi Itagaki, Senior Managing Corporate Executive and Head of Global Commercial Banking Business Group at MUFG, spoke about Ascend Money’s role in Thailand’s fintech sector. He emphasized the company’s extensive reach within the Thai consumer market and its adept understanding of local financial needs, positioning it as a pivotal player in advancing digital payments and financial inclusivity.

Founded in 2013, Ascend Money has processed over $14 billion in regional transactions. With MUFG’s backing, Ascend Money aims to expand its footprint further, enhance financial services accessibility and contribute to Thailand’s economic development.

MUFG’s broader strategy in Southeast Asia includes previous investments, such as the $200 million funding in Akulaku, an Indonesian digital finance platform. This initiative aims to broaden MUFG’s customer base in the region and support underserved markets through collaborative efforts in product development, distribution, financing, and technology.

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