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TrueMoney

“Can a Southeast Asian e-wallet super-app become a licensed virtual bank serving the region's underbanked?”

Founded2013
HQBangkok, Thailand
Latest roundSeries C, 2021
Valuation$1.5B (2021)
IndustryFintech / Neobank
The story

TrueMoney started as a Thai e-wallet under Ascend Money in 2013 and expanded across six Southeast Asian markets. With CP Group and Ant Group backing, it evolved into a regional fintech super-app, layering digital lending (Pay Next), investments, insurance marketplace, and cross-border remittances on top of the wallet. The current strategic push is toward becoming a virtual bank in Thailand and a B2B/C2C remittance rail across SEA, while distributing third-party credit (RCBC, SB Finance, Modalku/PCG) and insurance (Igloo) to its 27M+ user base.

Last 12 months
2025-02
2025-04
2025
2024-08
Product timeline
2013
Ascend Money founded as parent of TrueMoney e-wallet· pivot
2015
TrueMoney expands to Indonesia under Ascend Group· banking
2021
Raises $150M Series C at $1.5B valuation led by CP Group with Ant Group participation· banking
2022
Launches SME working-capital lending in Indonesia with PCG· lending
2024
Partners with Igloo to launch insurance marketplace in Thailand (27M users)· pivot
2025
TrueMoney Malaysia launches International Remittance (B2B/C2C) service· pivot
2025
Part of virtual bank license consortium applying to Bank of Thailand· banking
2025
RCBC and SB Finance lending partnerships in the Philippines· lending
Regulated entities
2
regulatory licences held by TrueMoney
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in TrueMoney’s embedded-finance stack
Payments / PSP
TrueMoney Wallet (self-operated)TrueMoney Mastercard (self-issued)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: none
10 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.