MUFG Invests 195 mil in Thailand's fintech unicorn Ascend Money
Mitsubishi UFJ Financial Group, Inc. ("MUFG") and its consolidated subsidiary, MUFG Bank, Ltd., as a lead investor for this round, together with Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co., Ltd., a subsidiary of the Bank of Ayudhya (“Krungsri”), have entered into an investment agreement for USD 195 million in Ascend Money Company Limited ("Ascend Money"), a provider of digital financial services in Thailand. MUFG considers the Asia-Pacific its second home market and has been building a commercial banking platform there over the past decade. In the Asia-Pacific, there is an accelerating trend of digital financial service providers leveraging the latest technology developments to offer financial services to unbanked or underbanked consumers and SMEs. To capture growth in this area, MUFG has been continuously investing in the region’s leading digital start-ups and tech firms, starting with Grab in 2020, followed by Home Credit in November...