Ascend Raises US$150M in Funding


Ascend Money, a Bangkok, Thailand-based fintech company, raised US$150m in funding at a US$1.5 billion valuation.

US-based investment firm Bow Wave Capital Management has contributed to this round, joining Charoen Pokphand Group and Ant Group.

The company intends to use the funds to grow the user base of its e-wallet application – TrueMoney Wallet – and to expand digital financial services, including digital lending, digital investment and cross border remittances across Southeast Asia.

Founded in 2013 by Chairman of the Board Suphachai Chearavanont, and co-led by Co-Presidents Monsinee Nakapanant and Tanyapong Thamavaranukupt, Ascend Money operates TrueMoney provides a digital payment and financial service platform, which now serves more than 50 million users through its e-wallet application and 88,000 TrueMoney agents. It has a regional presence across six SEA countries – Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam.