Japan’s MUFG Bank, as a lead investor, together with the Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate, have made a combined investment of US$195 million in Southeast Asia’s homegrown fintech company Ascend Money with the goal of driving the growth of digital finance in Thailand.

“By combining MUFG’s global financial footprint with Ascend Money’s deep local market knowledge and innovative digital financial solutions,” the companies say, “the investment will help Ascend Money accelerate its plan to provide inclusive financial services for underserved consumers and SMEs [small and medium-sized enterprises], fostering equitable economic growth and financial well-being in Thailand.”

Ascend Money, the fintech arm of Charoen Pokphand Group, which is its major shareholder, became Thailand’s first fintech unicorn in 2021. Ascend Money, is the country’s largest digital financial services provider, with a presence in seven countries across Southeast Asia.

Its TrueMoney platform offers a wide range of financial solutions, including e-payment, lending, BNPL (buy now, pay later), investment and insurance. With 30 million active users in Thailand, it serves a broad customer base through an extensive network and strategic partnerships with leading corporations, businesses and merchants in both online and offline landscapes.

This robust ecosystem positions Ascend Money, it says, to capitalize on the growing trend of digital finance adoption in Thailand and the region.

“MUFG considers the Asia-Pacific its second-home market, and as part of our commitment to this region, we have been making  strategic investments in leading digital finance players in the region,” adds Yasushi Itagaki, MUFG’s senior managing corporate executive and head of its global commercial banking business group. “Ascend Money is a promising fintech player in Thailand with widespread penetration in the country’s consumer segment and deep understanding of their daily payments and financial requirements.”