CoinDesk 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, a subsidiary of Charoen Pokphand Group, operates across seven Southeast Asian countries.
Diversified Financial Services
The company’s flagship product, the TrueMoney super app, offers a range of financial services such as electronic payments, which serve as a fundamental medium of exchange in the modern world. Ascend Money boasts 30 million active users in Thailand alone, catering to a diverse customer base through strategic partnerships with various online and offline industries, businesses, and merchants.
Unicorn Achievement
Ascend Money, valued at $1.5 billion following investments totaling $150 million from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group in 2021, joins the ranks of unicorns—private startups valued at over $1 billion. The term “unicorn” was coined by venture capitalist Aileen Lee in 2013 and has since become a benchmark for company success, with approximately 465 unicorns globally including Ant Financial, Didi, Airbnb, Stripe, Lyft, and Palantir Technologies.
Ascend Money’s founder and chairman, Suphachai Chearavanont, emphasized the significance of the latest funding round for the company.
“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, accelerating digital transformation regionally and locally, benefiting millions and contributing to national economic development.”
MUFG’s Investment in Ascend Money can be found at https://t.co/c7Y4SqEpdw — Finextra (@Finextra) July 3, 2024.
MUFG’s Investment in Akulaku
According to finance Magnates, MUFG earlier invested $200 million in Silvrr Technology Co Limited’s banking and digital financial platform, Akulaku, headquartered in Indonesia. This move aims to expand MUFG’s customer base in Southeast Asia.
Previously, Akulaku secured $100 million from Siam Commercial Bank to support its mission of serving underserved markets. Akulaku and MUFG have agreed to collaborate on product development, distribution, financing, and technology in Southeast Asia.