KUALA LUMPUR: TNG Digital Sdn Bhd, the owner and operator of Touch ‘n Go eWallet, has raised RM750 million from its latest round of equity funding.
This 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. This new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.
Touch ‘n Go group CEO 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,” said Effendy in a statement today.
Meanwhile, Lazada Malaysia CEO Alan Chan sees digital payment services as a critical bolt-on to bring the best customer experience on its online shopping platform.
“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 SME and MSME. 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,” said Chan.
This round of funding 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, insurers AIA Group and US-based venture fund BowWave Capital.