Wednesday, Jan 26, 2022
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Thai fintech Ascend raises $150 mn to expand digital financial services

Ascend funding-IFM-image
Investors such as Bow Wave Capital Management, Charoen Pokphand Group and Ant Group participated in the funding round

Thailand-based fintech startup Ascend has raised around $150 million in a fresh funding round at a $1.5 billion valuation, media reports said. Investors such as Bow Wave Capital Management, Charoen Pokphand Group and Ant Group participated in the funding round.

According to Ascend, it will use the funds to expand its digital financial services ranging from digital lending and digital investment to cross-border remittances in Southeast Asia. It will also use the funds to grow its e-wallet application TrueMoney Wallet.

Tanyapong Thamavaranukupt, co-President of Ascend Money has revealed to the media that its users have grown from 17 million in early 2021 to 20 million to date in Thailand.

“The growth in e-payment suggests changing consumers’ spending habits as Southeast Asia moves toward a digital economy and a cashless society.”

“Apart from e-wallet, we are an agent-based payment and remittance service provider. Since last year, we’ve also rolled out TrueMoney Wallet for agent [networks] and migrated our offline agent to the online platform, which would help enhance and digitise their operations.”

Earlier this month, Indonesia-based fintech firm Xendit has raised around $150 million in its Series C funding round, valuing the company over the $1 billion mark and earning it the coveted unicorn status. The funding round for Xendit was led by Tiger Global Management. Other investors that also participated include returning investors Accel, Amasia and Goat Capital.

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