In its most recent equity fundraising round, TNG Digital raised 750 million ringgit (US $168.3 million) under the direction of e-commerce behemoth Lazada Group.
The company’s parent company Touch ‘n Go, a stakeholder in TNG Digital also made a follow-up investment in the fundraising round. With this additional fundraising, TNG Digital has raised more than US $220 million in total over the past 18 months.
According to Touch ‘n Go Group CEO Effendy Shahul Hamid, the strategic investment will offer new value propositions to the user and merchant bases of Lazada and Touch ‘n Go. He continued by saying that the money will be used to develop all aspects of digital financial services.
Touch ‘n Go and China’s Ant Group, which divided ownership of the company on a 51 percent to 49 percent basis, jointly created TNG Digital in 2017.
In August 2021, according to reports, TNG Digital secured US$75 million from US-based private equity company Bow Wave Capital Management and insurer AIA Malaysia. After AIA invested, Touch ‘n Go’s ownership in TNG Digital was reduced from 51 percent to around 47 percent.