TNG Digital Sdn Bhd, the owner and operator of Touch ‘n Go eWallet – Malaysia’s largest e-wallet company – has raised RM750 mil 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.
“I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem,” Touch ‘n Go Group’s group CEO Effendy Shahul Hamid pointed out.
“I look forward to seeing the teams roll out these exciting collaboration opportunities to our users.”
This round of funding brings the total amount raised by TNG Digital over the last 18 months to over RM1 bil. 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.
According to Effendy, the funding round “sets Touch ‘n Go eWallet 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 added.
TNG Digital is founded by Touch ‘n Go Sdn Bhd and Ant Group, parent company of Alipay, China’s largest digital payments platform. Touch ‘n Go eWallet currently boasts over 17.8 million registered users and over 1.2 million merchant touch points including DuitNow QR.
In a nutshell, Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure.
Meanwhile, Lazada Malaysia CEO Alan Chan foresees digital payment services as a critical bolt-on to bring the best customer experience for the online marketplace.
“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 SMEs and micro, small and medium enterprises (MSMEs),” he noted.
“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.” – July 25, 2022
