Thailand’s fintech startup Ascend Money lands $150M at a $1.5B valuation

Ascend Money, the Thailand-based fintech startup behind TrueMoney, an e-wallet service, announced today it has raised a $150 million Series C round at a valuation of $1.5 billion.

The Series C round was led by Charoen Pokphand Group, which is a major shareholder of Ascend Money, with participation from Bow Wave Capital Management and returning backer Ant Group.

Ascend Money will use the proceeds to grow its e-wallet application – TrueMoney Wallet – and expand its digital financial services ranging from digital lending and digital investment to cross border remittances in Southeast Asia.

The company, which was founded in 2013, also continues to strengthen its global operations across six countries — Thailand, Indonesia, Vietnam, Myanmar, Cambodia, and the Philippines.

Since the coronavirus outbreak, e-payments via TrueMoney Wallet have grown exponentially because of social distancing…