Thailand finally got its first fintech unicorn

Thai fintech startup Ascend Money, whose investors include Alibaba affiliate Ant Group and Thailand’s privately-owned conglomerate Charoen Pokphand Group, after a recent financing round worth $150 million has become Thailand’s first fintech unicorn with a valuation of $1.5 billion, the company announced on September 27.

The new capital injection, to which US-based investment firm Bow Wave Capital Management also contributed, would be used to further develop the company’s mobile payments app TrueMoney Wallet and taking steps to venture with its services deeper into other Southeast Asian markets, namely in Indonesia, Vietnam, Myanmar, Cambodia and the Philippines, the statement said.

Contactless payment growing exponentially

The company, founded in 2013, is benefitting from a boom in e-payments in the wake of the Covid-19 pandemic. Its main offering, TrueMoney Wallet, has grown exponentially because of social distancing measures and growing public awareness of contactless transactions across the region

For example, the number of users in Thailand has grown from 17 million in early 2021 to currently 20 million

The company’s total payment volume stood at $14 billion in 2020 across the six countries in Southeast Asia where it operates, representing 84 per cent growth between 2019 and 2020. About 70 per cent came from Thailand, while 30 per cent came from the international market, the company noted.

Driving the cashless society

“Ascend Money is driving cashless society and the adoption of financial services across the region through TrueMoney Wallet application,” Tanyapong Thamavaranukupt, co-president of Ascend Money, said in the statement.

“The company has also expanded its portfolio to cover a full range of digital financial services including digital lending, digital saving and digital investment,” he added.

Ascend Money considers going public after hitting the new valuation as a unicorn, the company indicated.



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Thai fintech startup Ascend Money, whose investors include Alibaba affiliate Ant Group and Thailand’s privately-owned conglomerate Charoen Pokphand Group, after a recent financing round worth $150 million has become Thailand’s first fintech unicorn with a valuation of $1.5 billion, the company announced on September 27. The new capital injection, to which US-based investment firm Bow Wave Capital Management also contributed, would be used to further develop the company’s mobile payments app TrueMoney Wallet and taking steps to venture with its services deeper into other Southeast Asian markets, namely in Indonesia, Vietnam, Myanmar, Cambodia and the Philippines, the statement said. Contactless...

Thai fintech startup Ascend Money, whose investors include Alibaba affiliate Ant Group and Thailand’s privately-owned conglomerate Charoen Pokphand Group, after a recent financing round worth $150 million has become Thailand’s first fintech unicorn with a valuation of $1.5 billion, the company announced on September 27.

The new capital injection, to which US-based investment firm Bow Wave Capital Management also contributed, would be used to further develop the company’s mobile payments app TrueMoney Wallet and taking steps to venture with its services deeper into other Southeast Asian markets, namely in Indonesia, Vietnam, Myanmar, Cambodia and the Philippines, the statement said.

Contactless payment growing exponentially

The company, founded in 2013, is benefitting from a boom in e-payments in the wake of the Covid-19 pandemic. Its main offering, TrueMoney Wallet, has grown exponentially because of social distancing measures and growing public awareness of contactless transactions across the region

For example, the number of users in Thailand has grown from 17 million in early 2021 to currently 20 million

The company’s total payment volume stood at $14 billion in 2020 across the six countries in Southeast Asia where it operates, representing 84 per cent growth between 2019 and 2020. About 70 per cent came from Thailand, while 30 per cent came from the international market, the company noted.

Driving the cashless society

“Ascend Money is driving cashless society and the adoption of financial services across the region through TrueMoney Wallet application,” Tanyapong Thamavaranukupt, co-president of Ascend Money, said in the statement.

“The company has also expanded its portfolio to cover a full range of digital financial services including digital lending, digital saving and digital investment,” he added.

Ascend Money considers going public after hitting the new valuation as a unicorn, the company indicated.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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