Thai fintech unicorn Ascend Money bags $195m investment

MUFG Bank is the lead investor.

Fintech Ascend Money has secured a $195m combined investment, with Japan’s MUFG Bank as the lead investor.

Finnoventure Private Equity Trust I fund, managed by the Krungsri Finnovate Co., also invested in Ascend Money.

The investment will reportedly help Ascend Money accelerate its plan to provide inclusive financial services for underserved consumers and SMEs, the fintech said in a press release.

Ascend Money is the fintech arm of Charoen Pokphand Group (CP Group), and is Thailand’s first fintech unicorn, achieving the title in 2021.

Ascend Money’s TrueMoney platform offers a wide range of financial solutions, including e-payment, lending, BNPL, investment and insurance. As of end-2023, it has 30 million active users annually in Thailand.