fbpx

TNG Digital Raises RM750 Million From Lazada and Touch ‘n Go

TNG Digital, the owner and operator of Touch ‘n Go eWallet, has raised RM 750 million during its latest round of equity funding.

This funding round was led by a new investment from Lazada Group and a follow-on investment by TNG Digital’s current shareholder and parent company Touch ‘n Go.

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

Alan Chan

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.”

TNG Digital Raises RM750 Million From Lazada and Touch ‘n Go. Congratulations to the entire team at TNG Digital on your funding. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business

top