Ascend Money, a fintech company based in Southeast Asia has received a combined investment of USD 195 million from Mitsubishi UFJ Financial Group, Inc. (MUFG) and the Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co., Ltd. The investment was led by MUFG's consolidated subsidiary, MUFG Bank, Ltd.
This strategic investment underscores a robust commitment from both organizations to advancing digital finance in Thailand. By leveraging MUFG's global financial expertise alongside Ascend Money's extensive local market knowledge and cutting-edge digital financial solutions, the investment aims to propel Ascend Money's efforts to offer inclusive financial services to underserved consumers and SMEs. This initiative will promote equitable economic growth and enhance financial well-being in Thailand.
Ascend Money, Southeast Asia's leading fintech company and the fintech arm of Charoen Pokphand Group (C.P. Group), its major shareholder, became Thailand's first fintech unicorn in 2021. As Thailand's largest digital financial services provider, Ascend Money has a strong presence in seven countries across Southeast Asia. Its TrueMoney platform offers a wide range of financial solutions, including e-payment, lending, BNPL, investment, and insurance. With 30 million active users in Thailand, it serves a broad customer base through an extensive network and strategic partnerships with leading corporations, businesses, and merchants in both online and offline landscapes. This robust ecosystem positions Ascend Money to leverage the growing trend of digital finance adoption in Thailand and the region.
Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG said "MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making strategic investments in leading digital finance players in the region. Ascend Money is a promising fintech player in Thailand with widespread penetration in the country's consumer segment and a deep understanding of their daily payments and financial requirements. With this investment, we are making a significant contribution to the ongoing development of Thailand's digital economy and financial inclusion, further underscoring MUFG's commitment to the sustainable development of the country and the broader region as a whole".
"We are delighted to welcome MUFG's joint investment in Ascend Money alongside existing investors C.P. Group, ANT Group, and Bow Wave Capital Management. This is a significant milestone for Ascend Money, which not only validates our commitment to innovation and financial inclusion in Thailand but also demonstrates a growing interest and confidence in Ascend Money's potential", said Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money. "We are confident that Ascend Money's strong growth trajectory, combined with MUFG's expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate both regional and local digital transformation, benefiting millions of people and contributing to the country's economic development".