Ascend Money lands $150M at a $1.5B valuation

Ascend Money, the Thailand-headquartered fintech startup behind TrueMoney, an e-wallet service, revealed today that it has closed a Series C funding round, having raised US$150 million at an impressive US$1.5 billion valuation.

Charoen Pokphand Group, a major shareholder of Ascend Money, led the funding effort, which also drew commitments from Bow Wave Capital Management and existing investor Ant Group.

With the latest capital injection, Ascend Money hopes to further develop its e-wallet application – TrueMoney Wallet. 

It also plans an expansion of its digital financial services to further offer digital lending and digital investment and cross-border transactions in Southeast Asia.

The firm, which was launched in 2013, is working hard to reinforce its global stance in its six locations — Thailand, Indonesia, Vietnam, Myanmar, Cambodia, and the Philippines.