Ascend Moneys 195 Million Boost from MUFG and Finnoventure

CoinWorld reports:
MUFG and Finnoventure private equity trust fund have jointly invested $195 million in Ascend Money, a financial technology unicorn based in Thailand. Ascend Money is a subsidiary of the Charoen Pokphand Group and operates in seven countries across Southeast Asia.
Diversified Financial Services
The company’s flagship product, the TrueMoney Super App, offers a range of financial services such as electronic payments, loans, fixed-price, investment, and insurance. In Thailand alone, Ascend Money has 30 million active users and serves a diverse customer base through strategic partnerships with various online and offline companies, enterprises, and merchants.
Unicorn Achievement
The term “unicorn” represents a privately held startup company valued at over $1 billion. Coined by venture capitalist Aileen Lee in 2013, unicorns have become the gold standard for companies. As of the writing of this article, there are approximately 465 unicorns, including prominent ones like Ant Financial, Didi, Airbnb, Stripe, Lyft, and Palantir Technologies. Ascend Money itself achieved unicorn status in 2021, with a valuation of $1.5 billion after receiving a $150 million investment from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.
Significance of New Financing
Suphachai Chearavanont, Founder and Chairman of Ascend Money, emphasized the significance of the new round of financing for the company.
He said, “We believe that Ascend Money’s strong growth trajectory, coupled with MUFG’s expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate the digital transformation in the region and at the local level, benefiting millions of people and contributing to the country’s economic development.”
MUFG Investment in Akulaku
According to finance Magnates, MUFG earlier invested $200 million in Akulaku, a bank and digital financial platform based in Indonesia under Silvrr Technology Co Limited. The goal is to expand MUFG’s customer base in Southeast Asia.
Akulaku previously received $100 million from Siam Commercial Bank. This funding supports Akulaku’s mission to serve underserved markets. Akulaku and MUFG have agreed to collaborate on product development, distribution, financing, and technology in Southeast Asia.