Ascend Money, Thailand’s first fintech unicorn, has raised $150 million in funding to continue expanding its offering of financial services.
The funding round counted with participation from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group. The round allowed the startup to gain unicorn status with a valuation of $1.5 billion, a first for any fintech startup in the southeast Asian country. Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management, referred to the firm’s participation by stating:
“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.”
The startup was founded in 2013 in Thailand, quickly expanding its coverage to Cambodia, Myanmar, Vietnam, the Philippines, and Indonesia. Over the past few years, Ascend Money has seen massive success in the form of more than $14 billion in total payment volume in 2020.
Monsinee Nakapanant, Co-President of Ascend Money, said about the startup’s success and gaining unicorn status::
“As Southeast Asia’s homegrown fintech company, our mission is to enable everyone to access innovative financial services to better their lives. We have been blessed with overwhelming support from our shareholders and the new investor, with strong interest both in terms of capital investment and the quality of strategic partnership. At the same time, the unicorn achievement reinforces our ability to scale our purpose and mission. Looking ahead, we continue to strengthen collaboration with our stakeholders in the region to improve the lives of many through our platform”
The new capital will allow the unicorn to expand its digital financial services to include digital lending, investment, and cross-border remittances, which will allow it to play a major role in the region’s financial industry. As digital platforms continue to gain popularity in the financial industry, innovative startups like the fintech unicorn continue to capitalize on the increasing demand, boosting financial inclusion by facilitating access to their portfolio of financial services.
