Ascend Cash has acquired a $195 million funding.
The funding spherical was led by Mitsubishi UFJ Monetary Group (MUFG) Financial institution with contributions from Finnoventure Non-public Fairness Belief I.
The Thailand-based fintech will use the funds to construct inclusive monetary providers within the area.
Thailand-based Ascend Cash introduced this week it has acquired $195 million in funding from Mitsubishi UFJ Monetary Group (MUFG) Financial institution. The financial institution led the spherical, and Finnoventure Non-public Fairness Belief I fund managed by Krungsri Finnovate Co. additionally contributed.
“This can be a vital milestone for Ascend Cash, which not solely validates our dedication to innovation and monetary inclusion in Thailand but additionally demonstrates a rising curiosity and confidence in Ascend Cash’s potential,” stated Ascend Cash Founder and Chairman Suphachai Chearavanont.
Ascend Cash anticipates the funds will assist it speed up its mission to supply inclusive monetary providers for underserved customers and small companies and in the end foster financial development and monetary well-being in Thailand.
Ascend Cash is Thailand’s largest digital monetary providers supplier, with a presence in seven nations throughout Southeast Asia. The fintech’s TrueMoney platform affords e-payment, lending, BNPL, funding, and insurance coverage. Ascend Cash has 30 million lively customers in Thailand and serves its prospects by means of its community of main companies, companies, and retailers.
“MUFG considers the Asia Pacific its second residence market, and as a part of our dedication to this area, we’ve got been making strategic investments in main digital finance gamers within the area,” stated Senior Managing Company Govt, Head of World Industrial Banking Enterprise Group Yasushi Itagaki. “Ascend Cash is a promising fintech participant in Thailand with widespread penetration within the nation’s client section and deep understanding of their each day funds and monetary necessities. With this funding, we’re making a big contribution to the continuing improvement of Thailand’s digital economic system and monetary inclusion, additional underscoring MUFG’s dedication to the sustainable improvement of the nation and the broader area as a complete.”
Ascend Cash was based in 2013 and has since processed $14 billion within the area. In 2021, the corporate acquired a $1.5 billion throughout its $150 million funding spherical.
“We’re assured that Ascend Cash’s sturdy development trajectory, mixed with MUFG’s experience and community, will allow us to create a extra inclusive and vibrant monetary ecosystem to speed up each regional and native digital transformation, benefiting thousands and thousands of individuals and contributing to the nation’s financial improvement,” stated Chearavanont.
Picture by Dan Freeman on Unsplash
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