Thai Fintech Firm Ascend Money Hits a Valuation of $1.5 Billion
- The company raised $150 million in its latest funding round.
Ascend Money, a Thailand-based financial technology startup, recently announced that the company has raised $150 million in an investment round. The Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company received a valuation of $1.5 billion.
The recent valuation makes Ascend Money Thailand’s first fintech 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. Bow Wave Capital Management, the US-based investment firm, participated in the latest investment round and joined Charoen Pokphand Group and Ant Group.
Through the latest funding, Ascend Money is planning to expand the user base of its e-wallet application, TrueMoney Wallet. Additionally, the company aims to use the recent investment to enhance its digital financial services, including digital lending, digital investment and cross-border remittances across Southeast Asia.
Commenting on the investment round and valuation, Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money, said: “From the start, Ascend Money has been the purpose-led fintech company. The company is expanding the platform and services to help improve the accessibility, affordability and impact of financial services. In short, Ascend Money provides a financial platform of opportunity for those financially excluded as well as SMEs around the region.”
“It is a heartwarming mission for all involved. The company’s success is also a testament to Thailand’s capability and strong ecosystem to support domestic fintech firms and startups for overseas expansion,” Chearavanont added.
Thai Fintech Market
In 2021, several promising financial technology startups emerged from Thailand. While the country’s fintech ecosystem is still in the emerging phase, the recent unicorn announcement from Ascend Money will give the overall ecosystem a major boost. Founded in 2013, Ascend Money has a presence across six SEA countries including Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam. The company operates TrueMoney.
Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management, commented: “The pandemic's disruptive effects have accelerated the growth of the digital economy across Southeast Asia. We’re proud to support Ascend Money on their mission-fulfilling journey to drive financial inclusiveness for sustainable growth of the region.”
Ascend Money, a Thailand-based financial technology startup, recently announced that the company has raised $150 million in an investment round. The Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company received a valuation of $1.5 billion.
The recent valuation makes Ascend Money Thailand’s first fintech 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. Bow Wave Capital Management, the US-based investment firm, participated in the latest investment round and joined Charoen Pokphand Group and Ant Group.
Through the latest funding, Ascend Money is planning to expand the user base of its e-wallet application, TrueMoney Wallet. Additionally, the company aims to use the recent investment to enhance its digital financial services, including digital lending, digital investment and cross-border remittances across Southeast Asia.
Commenting on the investment round and valuation, Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money, said: “From the start, Ascend Money has been the purpose-led fintech company. The company is expanding the platform and services to help improve the accessibility, affordability and impact of financial services. In short, Ascend Money provides a financial platform of opportunity for those financially excluded as well as SMEs around the region.”
“It is a heartwarming mission for all involved. The company’s success is also a testament to Thailand’s capability and strong ecosystem to support domestic fintech firms and startups for overseas expansion,” Chearavanont added.
Thai Fintech Market
In 2021, several promising financial technology startups emerged from Thailand. While the country’s fintech ecosystem is still in the emerging phase, the recent unicorn announcement from Ascend Money will give the overall ecosystem a major boost. Founded in 2013, Ascend Money has a presence across six SEA countries including Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam. The company operates TrueMoney.
Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management, commented: “The pandemic's disruptive effects have accelerated the growth of the digital economy across Southeast Asia. We’re proud to support Ascend Money on their mission-fulfilling journey to drive financial inclusiveness for sustainable growth of the region.”