Ant-backed Ascend Money becomes Thailand’s first fintech unicorn

Ascend Money has raised US$150 million in its latest financing round, pushing the fintech company into unicorn territory at a valuation of US$1.5 billion.

The Thailand-based startup is the second in the country to join the unicorn club after logistics firm Flash Group.

Monsinee Nakapanant, co-president of Ascend Money / Photo credit: Ascend Money

Participants of the new funding round include Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.

The latest investment will be used to increase the user base of TrueMoney Wallet, Ascend Money’s e-wallet application, and to expand its digital financial services such as cross-border remittances, digital lending, and digital investment across Southeast Asia.

The company’s “easy-to-use and seamless platform has introduced low-income communities, people without regular income, and [the] young digital generation to personal financial management,” said Tanyapong Thamavaranukupt, co-president of Ascend Money.

Founded in 2013, Ascend Money operates across six countries in Southeast Asia including Thailand, Myanmar, Cambodia, Indonesia, the Philippines, and Vietnam. Its TrueMoney Wallet enables money transfers, mobile top-ups, and bill payments as well as shopping via virtual or prepaid debit cards. The e-wallet serves over 50 million users and 88,000 agents.

See also: Alibaba-backed TrueMoney wants to be Thailand’s everyday app for financial services

Ascend Money said its total payment volume stood at US$14 billion in 2020 across its six markets, with the highest payment volume contribution coming from Thailand, which posted an 84% growth between 2019 and 2020.