BANGKOK (Bloomberg): Ascend Money, a startup backed by Jack Ma’s Ant Group Co. and Charoen Pokphand Group, has become Thailand’s first fintech unicorn with a valuation of US$1.5 billion following a new funding round.
US investment firm Bow Wave Capital Management LP joined CP Group and Ant in the company’s $150 million financing round, Ascend Money said in a statement on Monday. The company will use the fresh capital to improve its mobile payments app TrueMoney Wallet as well as expand digital financial services across South-East Asia.
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