TNG Digital Sdn Bhd, the owner and operator of Touch 'n Go eWallet, announced that it had raised RM750 million in its latest equity funding round. The 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.
A statement from the group mentioned that this new investment has aided in solidifying the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.
Effendy Shahul Hamid, Group Chief Executive Officer of Touch ‘n Go Group, expressed extreme pleasure in welcoming 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. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users.”
“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 added.
Adding to that, Alan Chan, Chief Executive Officer of Lazada Malaysia, said he sees digital payment services as a critical bolt-on to bring the best customer experience on Lazada.
“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 small and medium-sized enterprises (SMEs) and micro, small and medium-sized enterprises (MSMEs).”
”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,” he concluded.
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.