Qishin Tariq · · 1 min readMalaysia-based TNG Digital raises $168.3m led by Lazada
TNG Digital has raised 750 million ringgit (US$168.3 million) in its latest equity funding round led by ecommerce giant Lazada Group.
Touch ‘n Go Group CEO Effendy Shahul Hamid. / Photo credit: Touch ‘n Go Group
The funding round also included a follow-on investment by Touch ‘n Go, which is a TNG Digital shareholder and the firm’s parent company. This brings the total funding raised by TNG Digital over the last 18 months to over US$220 million.
Touch ‘n Go Group CEO Effendy Shahul Hamid said the strategic investment will bring new value propositions to the user and merchant bases of Lazada and Touch ‘n Go. He added that the funding will be used to expand all areas of digital financial services.
In 2017, TNG Digital was jointly founded by Touch ‘n Go and China’s Ant Group, which split ownership of the firm on a 51% to 49% basis, respectively.
TNG Digital reportedly raised US$75 million from insurer AIA Malaysia and US-based private equity firm Bow Wave Capital Management in August 2021. Following AIA’s investment, Touch ‘n Go’s stake in TNG Digital was diluted to around 47% from 51%.
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Currency converted from Malaysian ringgit to US dollar: US$1 = 4.46 ringgit.
Editing by Miguel Cordon and Joy Tirkey
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