The Series C round brings Ascend Money to a $1.5B valuation. Here are the top-line bullets you need to know.
Ascend Money, a fintech company, has raised $150M in a Series C. The round drew participation from Charoen Pokphand Group, Ant Group, and Bow Wave Capital.
HOW’S THE COMPANY PERFORMING?
- Thailand-based Ascend Money offers digital financial products and services — such as lending, borrowing, wealth management, and payments — through its Ascend Nano, TrueMoney, Ascend Wealth, and Ascend Assurance products.
- In 2020, it reported a total payment volume of $14B, with Thailand accounting for the greatest volume share. Notably, the company’s user base in Thailand has grown from 17M to 20M so far this year.
- With a network of 88,000 registered agents and over 50M users, it operates across multiple South Asian countries, including Thailand, Vietnam, Myanmar, Indonesia, Cambodia, and the Philippines. It also claims to have 70% market coverage.
- The company has strategic partnerships with several companies, including Alipay, Phillip Bank, TP Bank, Samsung, BNI 46, and Alfamart.
Source: Ascend Money
WHY DOES THE MARKET MATTER?
- The global market for fintech is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven demand for cashless transactions and increased the adoption of digital payment solutions and online payment gateways.