Malaysia-based TNG Digital, the owner and operator of Touch’ n Go eWallet, has secured RM 750 (US$168.3) million in its latest equity financing round.
Lazada Group led this round and is joined by TNG Digital’s parent company Touch’ n Go Sdn. Bhd.
This round of funding brings the total amount raised by TNG Digital over the last 18 months to over RM 1 billion (US$224 million).
In addition to Touch’ n Go and Lazada, other shareholders of TNG Digital include Ant Group, insurers AIA Group and US-based venture fund BowWave Capital.
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“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,” said Effendy Shahul Hamid, Group CEO of Touch’ n Go Group. “We will continue expanding in all digital financial services areas.”
Alan Chan, CEO of Lazada Malaysia, added: “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 and being a catalyst to stimulate capacity building among our sellers, primarily local SMEs and MSMEs.”
Started in 1997, Touch’ n Go is one of the early companies that led the digital transformation within Malaysia’s mobility ecosystem.
In 2021, TNG Digital expanded its cross-border payments capability to Singapore, led by the e-wallet’s acceptance at ComfortDelGro taxis.
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