TNG Digital Raises RM750 Million From Lazada and Touch ‘n GoJuly 25, 2022 0 comments
TNG Digital, the owner and operator of Touch ‘n Go eWallet, has raised RM 750 million during its latest round of equity funding.
TNG Digital said that this new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.
The company had emerged as one of the top-funded fintechs in Malaysia when it secured US$ 75 million in funding from AIA and New York-based investment firm Bow Wave Capital Management. The entities reportedly took a stake in TNG Digital, valuing it at RM 3 billion.
This fundraise brings the total amount raised by TNG Digital over the last 18 months to over RM 1 billion.
TNG Digital was founded by Touch ‘n Go and Alibaba’s Ant Group, the parent company of Alipay which is one of China’s largest digital payments platform.
To date, Alibaba has invested US$4 billion in Lazada to increase its stake in the company to 83%.
“I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem.
I look forward to seeing the teams roll out these exciting collaboration opportunities to our users. The funding round also sets us up nicely for our next phase of growth. We will continue to expand in all areas of digital financial services and ensure that our user base is served in an innovative and inclusive manner,”
said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.
Alan Chan, Chief Executive Officer of Lazada Malaysia said,
“We see digital payment services as a critical bolt-on to bring the best customer experience on Lazada. Lazada is fully committed to providing a seamless customer journey, as well as being a catalyst to stimulate capacity building among our sellers, primarily local SMEs and MSMEs.
Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly. Today’s announcement fortifies that partnership and we are excited by the prospects it presents for both our companies.”