TNG FinTech Group, the operator of TNG Wallet, announced today the completion of its Series A round of funding, raising US$115 million at a post-transaction valuation of US$565 million.
The transaction sets the record for the biggest-ever funding in a Series A round by any startup in Hong Kong, and one of the largest Series A rounds for a FinTech company in the world, making TNG one of the largest FinTech groups globally.
The investment is to support TNG’s global expansion strategy, to fund new acquisitions and to invest in new technologies such as Blockchain Technology, Artificial Intelligence (AI), ChatBot and e-KYC platform.
TNG FinTech Group is best known for its TNG Wallet, which was among the first batch of companies that secured the Stored Value Facilities Licence from the Hong Kong Monetary Authority.
TNG Wallet recorded very rapid growth since its launch in November 2015, and has enjoyed a great deal of success over the past 18 months, offering “The Next Generation” e-wallet platform with numerous innovative functions covering payment, person-to-person (P2P) money transfer, global remittance, global cash withdrawal, and so on.
As the holding company of TNG Wallet, TNG FinTech Group is well recognized by international institutional investors. Its Series A funding is led by New Margin Capital, a major Chinese private equity fund which has invested over US$1.7 billion in more than 160 companies, with 40 successful IPO exits. Other strategic investors in TNG FinTech Group include Nogle Group, a prominent venture studio from Taiwan, and Infinity-KBR Group.
Mr. Alex Kong, Chairman, and CEO of TNG FinTech Group says, “As a Hong Kong startup, we are delighted that our strategic investors share our vision of achieving financial inclusion for those with limited access to banking services through the use of technology. The capital raised reflects their confidence in TNG’s management, execution, vision and prospects, and we believe it is a great endorsement for Hong Kong’s FinTech industry.”
Dr. George Lam, Chairman of the Board at Hong Kong Cyberport Management Company Limited comments, “I am thrilled to see a Cyberport incubatee achieve such deserved results. With leading technology and an innovative business model, TNG Wallet has developed rapidly to become a showcase for FinTech in Hong Kong. This makes us especially proud and reaffirms our mission of fostering and nurturing Hong Kong’s innovative technology leaders.”
With a solid local foundation, TNG has already taken the first step in exploring overseas markets. It launched global money remittance and foreign currency exchange services in September 2016. TNG’s “Global E-Wallet Alliance,” launched in 2016, extended its footprint to 12 countries in Asia, including China, India, Thailand, Vietnam, and Bangladesh.
Now Singapore, Philippines, Indonesia and Malaysia
The next step for the Group is to launch e-wallet services in Singapore, the Philippines, Indonesia, and Malaysia. It also has the United Kingdom under its expansion plan, seeking to further extend its market presence to Europe, and beyond.
“TNG is aggressively pushing forward with continuous innovation. Leveraging our existing regional network, we will closely monitor developments in different markets, actively enhancing our business scope through potential acquisition opportunities, so as to fuel TNG’s pace of globalization and our construction of a digital payment ecosystem on a global scale,” said Mr. Kong.