- MUFG and Krungsri Finnovate invest $195M in Ascend Money.
- The strategic partnership aims to drive digital finance and financial inclusion in Thailand.
- Ascend Money serves 30 million users through its TrueMoney platform.
The super squad swoops in to save the digital day
Ascend Money, Southeast Asia’s fintech powerhouse, has secured a whopping $195 million investment from Mitsubishi UFJ Financial Group, Inc. (MUFG) and the Finnoventure Private Equity Trust I fund, managed by Krungsri Finnovate Co., Ltd. MUFG Bank, Ltd., a consolidated subsidiary of MUFG, spearheaded this strategic investment, showcasing both organizations’ unwavering commitment to propelling digital finance in Thailand.
By harnessing MUFG’s global financial expertise and Ascend Money’s deep local market insights, this investment aims to supercharge Ascend Money’s mission of providing inclusive financial services to underserved consumers and SMEs.
Through this collaboration, the partnership seeks to foster equitable economic growth and bolster financial well-being in Thailand.
Ascend Money’s magical journey
Ascend Money, the fintech arm of Charoen Pokphand Group (C.P. Group), its major shareholder, claimed the title of Thailand’s first fintech unicorn in 2021.
Its TrueMoney platform boasts an impressive array of financial solutions, catering to 30 million active users in Thailand through an expansive network and strategic partnerships with leading corporations, businesses, and merchants across both online and offline landscapes.
