Ascend Money, a fintech startup based in Thailand that developed TrueMoney, an electronic-wallet service, today announced it had raised $150 million in Series C funding at a value of $1.5 billion.
Charoen Pokphand Group was the leader of the Series C round, and Ascend Money is a major shareholder. Bow Wave Capital Management participated as well as Ant Group, a returning backer.
Ascend Money will use the funds to expand its e-wallet application TrueMoney Wallet as well as its digital financial services, which include digital lending and investment and cross-border remittances to Southeast Asia.
The company was established in 2013 and plans to expand its global operations into six other countries, including Thailand, Indonesia, Vietnam Myanmar, Cambodia, Cambodia, and the Philippines.
According to Tanyapong Thamavaranukupt (co-President of Ascend Money), e-payments via TrueMoney Wallet increased exponentially since the coronavirus epidemic. This is due to social distancing and the growing awareness of contactless transactions in the region. Thamavaranukupt stated that its users in Thailand have increased from 17 million to 20 million by early 2021, and that transactions made using the online payment system have increased more than 75%.
Thamavaranukupt stated that the growth of e-payments suggests that consumers will change their spending habits as Southeast Asia moves towards a digital economy.
Itai Lemberger, CEO and founder of Bow Wave Capital Management, stated that the pandemics' disruptive effects have accelerated growth of the digital economy in Southeast Asia.
According to the statement, its total payment volume was $14 billion in 2020 in six Southeast Asian countries. This represents 84% growth in between 2019 and 2020. The co-President Thamavaranukupt stated that 70% of the payments came from Thailand, while 30% were from international markets. According to Thamavaranukupt, Ascend Money holds about 70% market share in Thailand based on its own research.
Ascend Money told TechCrunch that it has 50 million users through TrueMoney and other channels, including 88,000 TrueMoney agent network networks. This is Ascend Money's core strength for regional expansion.
The e-wallet can also be used as a payment channel to B2B. It is available for all types of businesses, including big brands and local SME owners. Thamavaranukupt stated that TrueMoney Wallet provides digital loans to customers, including small business owners, for those who don't have traditional credit scores.
We are also an agent-based payment service provider and remittance services provider, apart from e-wallet. Thamavaranukupt stated that we have also launched TrueMoney Wallet agent networks and migrated an offline agent to the online platform. This will help improve and digitize their operations.
True Money agents, which are local entrepreneurs who have registered with Ascend Money in order to make additional income, provide services such as bill payment, phone top up, and domestic and cross-border money transfer services.
TrueMoney Wallet is available in Thailand, as well as the TrueMoney Agent service. Thamavaranukupt stated that most users are not banked or have limited access to basic financial services.
Ascend Money offers financial opportunities for the financially marginalized as well as SMEs in the region. Ascend Money founder Suphachai Chearavanont, chairman of the board and chairman of Ascend Money's board, said that the company's success is also testament to Thailands ability and strong ecosystem for supporting domestic fintech companies and startups for overseas expansion.
Ascend Money opened a service last year for Myanmarese and Cambodian migrant worker in Thailand. They could register on TrueMoney Wallet to transfer money to their family back home, Thamavaranukupt explained.
Ascend Money is considering going public once it has reached $1.5 billion in its valuation, Monsinee Nakapanant, co-President of Ascend Money told TechCrunch. She did not give a timeline.
