MUFG and the Finnoventure Private Equity Trust fund have jointly invested $195 million in Ascend Money, a Thailand-based fintech unicorn. Ascend Money, a subsidiary of Charoen Pokphand Group, operates extensively across Southeast Asia, spanning seven countries.

Diverse Financial Services

The firm's flagship product, the TrueMoney super app, offers a range of financial services such as electronic payments , lending, Buy Now Pay Later options, investments, and insurance.

In Thailand alone, Ascend Money boasts 30 million active users, catering to a diverse customer base through strategic partnerships with various corporations, businesses, and merchants in both online and offline sectors.

Ascend Money achieved unicorn status in Thailand in 2021, reaching a valuation of $1.5 billion following a $150 million investment from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.

Suphachai Chearavanont, Founder and Chairman of Ascend Money, emphasized the significance of this new financing round for the company.

He said: "We are confident that Ascend Money's strong growth trajectory, combined with MUFG's expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate both regional and local digital transformation, benefiting millions of people and contributing to the country's economic development."

MUFG Invests in Akulaku

Earlier, MUFG invested $200 million in Akulaku, an Indonesia-based banking and digital finance platform under Silvrr Technology Co Limited, as Finance Magnates reported. The goal is to expand MUFG's customer base in Southeast Asia.

Akulaku previously received $100 million from Siam Commercial Bank PLC. This funding supports Akulaku's mission to serve underserved markets. Akulaku and MUFG agreed to collaborate on product development, distribution, financing, and technology across Southeast Asia.