Ant Financial contributed to a round that enabled the payment technology provider to become Thailand’s first fintech unicorn, with $1.5bn valuation.

Thailand-based financial services company Ascend Money secured $150m yesterday in a series C round that included conglomerate Charoen Pokphand Group and Ant Group, the financial services affiliate of e-commerce group Alibaba.

Investment firm Bow Wave Capital Management filled out the round, which valued the company at $1.5bn, ostensibly making it Thailand’s first fintech unicorn.

Founded in 2013, Ascend Money operates online e-wallet payment service TrueMoney and microfinance provider Ascend Nano.

The pandemic has seen a marked increase in the service…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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