TNG e-Wallet raises RM750mil from latest equity funding round

TnG group chief executive officer Effendy Shahul Hamid

KUALA LUMPUR: Touch ‘n Go Group (TnG) announced that TNG Digital Sdn Bhd (TNG Digital), the owner and operator of Touch ‘n Go eWallet, has raised RM750 million from its latest round of equity funding.

In a statement today, TNG said the funding round was led by a new investment in TNG Digital by Lazada Group and a follow-on investment by TNG Digital’s current shareholder and parent company, Touch ‘n Go Sdn Bhd.

The group said the new investment by Lazada solidifies the collaboration between key segment leaders -- one in e-commerce and the other in digital financial services and payments.

TnG group chief executive officer Effendy Shahul Hamid said this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem.

"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,” he said.

Meanwhile, Lazada Malaysia chief executive officer Alan Chan said Lazada is fully committed to providing a seamless customer journey, as well as being a catalyst to stimulate capacity building among its sellers, primarily local small and medium enterprises (SMEs) and micro SMEs.

"We see digital payment services as a critical bolt-on to bring the best customer experience on Lazada.

"Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly," he said.

The latest funding round brings the total amount raised by TNG Digital over the last 18 months to over RM1 billion.

In addition to Touch ‘n Go and Lazada, other shareholders of TNG Digital include Ant Group, AIA Group and United States-based venture fund BowWave Capital. - Bernama