Ascend Money, a startup backed by Jack Ma’s Ant Group Co. and Charoen Pokphand Group, has become Thailand’s first fintech unicorn with a valuation of $1.5 billion following a new funding round.
U.S. investment firm Bow Wave Capital Management LP joined CP Group and Ant in the company’s $150 million financing round, Ascend Money said in a statement on Monday. The company will use the fresh capital to improve its mobile payments app TrueMoney Wallet as well as expand digital financial services across Southeast Asia.
Thailand, Southeast Asia’s second-largest economy, is on the cusp of mass adoption of mobile wallets. TrueMoney is already the most popular app, with a 53% market share in the country, according to the 2021 Mobile Wallets report from London-based fintech company Boku Inc.
The company’s success is “a testament to Thailand’s capability and strong ecosystem to support domestic fintech firms and startups for overseas expansion,” Suphachai Chearavanont, founder and chairman of the board of Ascend Money, said in the statement.