Raise moneyThe Thailand-based fintech startup behind TrueMoney, an electronic wallet service, today announced it has raised $ 150 million in Series C for a valuation of $ 1.5 billion.
Ascend Money is using the revenue to develop its electronic wallet application, TrueMoney Wallet, to expand digital financial services, from digital loans and investments to cross-border remittances in Southeast Asia.
Founded in 2013, the company plans to strengthen its global operations in six countries: Thailand, Indonesia, Vietnam, Myanmar, Cambodia and the Philippines.
AscendMoney co-chair Tanyapon Thamavaranukupt said that since the outbreak of the coronavirus, social distancing measures and growing public awareness of contactless payments in the region have dramatically increased electronic payments through TrueMoneyWallet. I said TechCrunch. The number of users in Thailand has grown from 17 million at the start of 2021 to 20 million now, and transactions for online payments use cases have skyrocketed by more than 75%, Thamavaranukupt said.
“The growth of e-commerce suggests that consumer spending habits will change as Southeast Asia moves towards a digital economy and cashless society,” said Tamabara Nukupto.
“The devastating effects of the pandemic have accelerated the growth of the digital economy in Southeast Asia,” said Itai Lemberger, Founder and CEO of Bow Wave Capital Management.
According to the statement, its total payments reached $ 14 billion in 2020 in six Southeast Asian countries, showing 84% growth between 2019 and 2020. Co-chair Tamabara Nukupto said about 70% came from Thailand and 30% of the international market. In Thailand, Ascend Money accounts for around 70% of the market share based on its own research, Thamavaranukupt said.
Ascend Money told TechCrunch that it has so far attracted a total of 50 million users through an offline channel that includes TrueMoney and its main regional expansion force, which is around 88,000 networks of TrueMoney agents.
The e-wallet service also acts as a B2B payment channel, from big brands to small local business owners to street market entrepreneurs. The TrueMoney Wallet platform, along with the payment services, will provide digital lending services to customers, including small business entrepreneurs who do not have a traditional credit score to access digital loans, Thamavaranukupt said.
“In addition to e-wallets, we are an agent-based payment and money transfer service provider. Since last year, we have also rolled out TrueMoney Wallet for agents. [networks] Migration of offline agents to online platforms. This will enable operational improvements and digitization, ”explains Thamavaranukupt.
True Money Agent is a local entrepreneur who registers with Ascend Money to earn additional income as an agent providing services such as bill payment, telephone charges and domestic money transfer services and cross-border. Explain.
“We offer TrueMoney Wallet and TrueMoney Agent services in certain countries other than Thailand. Most users do not have a bank account, and those who do not have access to basic financial services. It’s limited, ”Thamavaranukupt explains.
“Ascend Money provides a financial platform of opportunities for economically excluded people and local SMEs. The company’s success lies in the fact that Thailand’s capabilities and strong ecosystem make it a national fintech company and an overseas start-up. It’s also a testament to our support for the deployment, ”said Suphachai Cheeravanont, Founder and Chairman of the Board of Ascend Money.
Last year, Ascend Money launched a service in Thailand for expats such as Burmese and Cambodian migrant workers, registering with TrueMoney Wallet to allow money to be sent to their original families, according to Thamavaranukupt. . ..
Ascend Money plans to go public after hitting a valuation of $ 1.5 billion, co-chair Monsinee Nakapanant told TechCrunch without providing a specific timeline.
Thai fintech startup Ascend Money picks up $ 150 million for a valuation of $ 1.5 billion – TechCrunch Source link Thai fintech startup Ascend Money picks up $ 150 million for a valuation of $ 1.5 billion – TechCrunchSource link