MUFG and the Finnoventure Private Equity Trust fund have jointly invested $195 million in Ascend Money, a Thailand-based fintech unicorn. Ascend Money, a subsidiary of Charoen Pokphand Group, operates extensively across Southeast Asia, spanning seven countries.

Diverse Financial Services

The firm's flagship product, the TrueMoney super app, offers a range of financial services such as electronic payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, lending, Buy Now Pay Later options, investments, and insurance.

In Thailand alone, Ascend Money boasts 30 million active users, catering to a diverse customer base through strategic partnerships with various corporations, businesses, and merchants in both online and offline sectors.

Ascend Money achieved unicorn Unicorn Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Read this Term status in Thailand in 2021, reaching a valuation of $1.5 billion following a $150 million investment from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.

MUFG invests in Thai super app Ascend Money https://t.co/c7Y4SqEpdw

— Finextra (@Finextra) July 3, 2024

Suphachai Chearavanont, Founder and Chairman of Ascend Money, emphasized the significance of this new financing round for the company.

He said: "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."

MUFG Invests in Akulaku

Earlier, MUFG invested $200 million in Akulaku, an Indonesia-based banking and digital finance platform under Silvrr Technology Co Limited, as Finance Magnates reported. The goal is to expand MUFG's customer base in Southeast Asia.

Akulaku previously received $100 million from Siam Commercial Bank PLC. This funding supports Akulaku's mission to serve underserved markets. Akulaku and MUFG agreed to collaborate on product development, distribution, financing, and technology across Southeast Asia.