TNG Digital, the e-wallet operator that was formed as a result of a joint venture between CIMB Bank and Ant Financial, is reportedly seeking to raise US$ 150 million according to a Reuters report on Thursday.
The report further added that the exercise is expected to provide TNG Digital a valuation of over US$ 700 million and they could potentially end up raising US$ 250 million by end of 2021. If this deal materialises, TNG’s fundraising round will eclipse the current largest fintech funding round of US$ 70 million, a record that is held by its e-wallet competitor, Boost.
The sources added that CIMB and Ant Group will still remain as the biggest investor after the new fundraising round. Currently, CIMB and its subsidiary Touch ‘n Go owns 51% of TNG Digital and Ant Group owns the remaining 49%. Fintech News Malaysia reached out to TNG Digital to confirm these rumours, but it has declined to comment.
