Ascend Money will use the funds to grow the user base of its e-wallet application, TrueMoney Wallet, and to expand digital financial services, including digital lending, digital investment, and cross-border remittances across Southeast Asia.
Officials from Ascend Money said the company is expanding its platform and services to help improve the accessibility, affordability, and impact of financial services. In short, Ascend Money provides a financial platform of opportunity for those financially excluded as well as SMEs around the region.
Representatives from one of the investor companies, Bow Wave Capital Management, noted that the COVID-19 pandemic’s disruptive effects have accelerated the growth of the digital economy across Southeast Asia. They’re happy to support Ascend Money on their mission-fulfilling journey to drive financial inclusiveness for sustainable growth of the region.
Ascend Money is Thailand’s fintech company providing innovative payment and financial services. Its flagship service TrueMoney Wallet enables ease of payments and a convenient financial lifestyle. TrueMoney’s extensive agent network as well as offline and online payment services also enable millions of users across the region to access innovative financial services.
In 2017, the Thailand-based fintech has experienced significant growth, transacting USD 5 billion in total payment volume, a 400% increase from 2016. Operating under the TrueMoney brand in six SEA countries, the company served 21.1 million customers. Thailand contributed nearly 50% of the payment volume, with other markets also showing substantial growth, including Cambodia where transactions equaled 10% of the country's GDP.
Ascend Money operates in six countries and has a network of 60,000+ agents, partnering with major banks and local businesses to provide access to financial services, supported by its main shareholders, CP Group and Ant Financial.
In 2018, TrueMoney, Ascend Money’s digital wallet, secured a license from the State Bank of Vietnam. Processing one million monthly transactions, they serve 500,000 customers via TrueMoney Wallet and agents. The wallet enables online payments, bill settlements, and money transfers.
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