Contact ‘n Go Group introduced at the moment that TNG Digital has raised RM750 million from its newest spherical of fairness funding.
TNG Digital is the proprietor and operator of Contact ‘n Go eWallet, which Vulcan Put up has written extensively about.
This funding spherical was led by a brand new funding by Lazada, and a follow-on funding by TNG Digital’s present shareholder and dad or mum firm, Contact ‘n Go Sdn. Bhd (Contact ‘n Go).
A background of TNG Digital and its funding
Shaped in 2017, TNG Digital was created as a three way partnership between CIMB Group’s Contact ‘n Go, and Ant Group’s Alipay.
In line with Fintech Information Malaysia’s findings of the corporate’s final offered figures (date unknown), the Contact ‘n Go eWallet had over 15 million customers and over 300,000 retailers.
In 2021, TNG Digital was the primary e-wallet to obtain approval from the Securities Fee as a Recognised Market Operator (RMO).
This allowed the e-wallet to roll out their wealthtech providing GO+, which we’ve reviewed, managed by their associate Principal Asset Administration.
The product reportedly noticed over one million customers inside two months of launch, in keeping with Fintech Information Malaysia.
A yr later, the corporate additional diversified its suite of monetary providers by rolling out GOPinjam, a private mortgage function that we in comparison with bank cards. It additionally partnered with AIA Group to introduce a journey insurance coverage providing.
It was throughout this time that AIA and Bow Wave Capital Administration (a New York-based funding agency) took a stake in TNG Digital reportedly valued at RM3 billion.
The whole funding raised throughout that spherical was US$75 million, said CIMB Group CEO Dato’ Abdul Rahman Ahmad in a press convention.
This leads us to TNG Digital’s latest funding spherical that was introduced at the moment, the RM750 million from its newest spherical of fairness funding by Lazada.
This spherical of funding brings the entire quantity raised by TNG Digital during the last 18 months to over RM1 billion, said the press launch.
As of now, TNG Digital’s shareholders embrace CIMB’s Contact ‘n Go Group, Ant Group, AIA Group, US-based enterprise fund BowWave Capital, and Lazada.
When did Lazada become involved?
Contact ‘n Go eWallet has been a fee choice supplied inside Lazada since October 2019, alongside Enhance Pockets, credit score/debit playing cards, and on-line funds.
Collectively, they’ve run loads of promotions encouraging customers to decide on Contact ‘n Go eWallet as their most popular fee choice to snag freebies, unique reductions, and extra.
Not a lot has been reported about Lazada’s involvement in TNG Digital for probably the most half.
Nevertheless, it may be stated that with Lazada now holding a stake within the Contact ‘n Go ecosystem, the latter can proceed to develop its e-wallet in additional areas of digital monetary providers, enhancing the shopper expertise for customers and retailers.
- Learn different articles we’ve written about Contact ‘n Go right here.
Featured Picture Credit score: Effendy Shahul Hamid, Group Chief Govt Officer, Contact ‘n Go Group