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MUFG invests in Thai super app Ascend Money

MUFG invests in Thai super app Ascend Money

MUFG and the Finnoventure Private Equity Trust I fund have invested $195 million in Thailand-based fintech unicorn Ascend Money.

Ascend Money, the fintech arm of Charoen Pokphand Group, has a strong presence in seven countries across Southeast Asia.

The firm's TrueMoney super app offers a suite of financial services, including e-payment, lending, BNPL, investment and insurance.

Yasushi Itagaki, senior managing corporate executive, head of global commercial banking business group at MUFG says: "MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making strategic investments in leading digital finance players in the region. Ascend Money is a promising fintech player in Thailand with widespread penetration in the country's consumer segment and deep understanding of their daily payments and financial requirements."

With 30 million active users in Thailand, Ascend Money serves a broad customer base through  strategic partnerships with corporations, businesses, and merchants in both online and offline landscapes.

The firm became Thailand's first fintech unicon in 2021, hitting a $1.5 billion valuation on the back of a $150 million investment from Bow Wave Capital Managemen, Charoen Pokphand Group and Ant Group

Suphachai Chearavanont, Ascend Money founder and chairman, describes the new financing round as a significant milestone for the business.

"We are confident that Ascend Money's strong growth trajectory, combined with MUFG's expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate both regional and local digital transformation, benefiting millions of people and contributing to the country's economic development," he says.

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