Main Highlights
- Ascend Money, the Thailand-based fintech firm behind the TrueMoney e-wallet service, announced today a $150 million Series C investment at a $1.5 billion valuation.
- The firm, which was formed in 2013, is also expanding its worldwide presence in six countries: Thailand, Indonesia, Vietnam, Myanmar, Cambodia, and the Philippines.
- Ascend Money will utilize the revenues to enhance its e-wallet application, TrueMoney Wallet, and its digital financial services in Southeast Asia, which range from digital loans and digital investing to cross-border transfers.
- According to Thamavaranukupt, Ascend Money has around 70% market share in Thailand.
Ascend Money, a Thailand-based fintech firm behind the TrueMoney e-wallet service, announced today a $150 million Series C investment at a $1.5 billion valuation. Charoen Pokphand Group, a significant stakeholder in Ascend Money, led the Series C round, with participation from Bow Wave Capital Management and returning investor Ant Group.
Ascend Money will utilize the revenues to enhance its e-wallet application, TrueMoney Wallet, and its digital financial services in Southeast Asia, which range from digital loans and digital investing to cross-border transfers. The firm, which was formed in 2013, is also expanding its worldwide presence in six countries: Thailand, Indonesia, Vietnam, Myanmar, Cambodia, and the Philippines.
According to Tanyapong Thamavaranukupt, co-President of Ascend Money, e-payments using TrueMoney Wallet have risen rapidly since the coronavirus epidemic due to social distancing efforts and raising public awareness of contactless transactions across the area. Its Thai users have increased from 17 million in early 2021 to 20 million today, with online payment transactions increasing by more than 75%, according to Thamavaranukupt.
Rise in e-payments
“The rise in e-payments shows that customers’ purchasing patterns are changing as Southeast Asia transitions to a digital economy and a cashless society,” Thamavaranukupt said. “The pandemic’s disruptive impacts have hastened the expansion of Southeast Asia’s digital economy,” Itai Lemberger, founder, and CEO of Bow Wave Capital Management stated.
According to the company’s announcement, its overall payment volume in Southeast Asia will be $14 billion in 2020, indicating an 84 percent increase between 2019 and 2020. According to co-President Thamavaranukupt, around 70% came from Thailand, while 30% came from the foreign market. According to Thamavaranukupt, Ascend Money has around 70% market share in Thailand.
According to Ascend Money, it has accumulated a total of 50 million users through TrueMoney and offline channels, including about 88,000 TrueMoney agent networks, which is its fundamental strength for regional growth.
The e-wallet service also acts as a payment mechanism for B2B transactions, ranging from large brands to small SME owners and street market vendors. According to Thamavaranukupt, the TrueMoney Wallet platform offers digital loans and payment services to consumers, including small company owners who do not have traditional credit ratings.
Benefits of using Ascend Money
Aside from e-wallets, they also provide payment and remittance services through agents. Thamavaranukupt said that since last year, they have also put out TrueMoney Wallet for agent [networks] and moved their offline agents to the internet platform, which would assist in strengthening and digitizing their operations.
True Money agents are local entrepreneurs who have enrolled with Ascend Money to make extra money by providing services like bill payment, phone top-up, and domestic and cross-border remittances, he stated. Outside of Thailand, they provide the TrueMoney Wallet and the TrueMoney agent service. According to Thamavaranukupt, the majority of users are unbanked or underbanked people with restricted access to fundamental financial services.
“Ascend Money provides a financial opportunity platform for people who are financially excluded as well as SMEs around the area. Ascend Money founder and chairman of the board Suphachai Chearavanont remarked, “The company’s success is also a tribute to Thailand’s capabilities and strong ecosystem to help local fintech businesses and startups for global development.”
Ascend Money launched a service last year for ex-pats in Thailand, such as Myanmarese and Cambodian migrant workers, allowing them to register on TrueMoney Wallet and transfer money to their families back home. Ascend Money is considering going public after reaching a valuation of $1.5 billion, according to co-President Monsinee Nakapanant.
