This Hong Kong FinTech Startup Just Raised US$115M in Series A
TNG FinTech Group says valuation exceeds US$500 million
TNG FinTech Group announced today that it has secured US$115 million in its Series A funding round. The Series A round is led by New Margin Capital, a Chinese private equity fund. Other strategic investors include Taiwan’s Nogle Group and Infinity-KBR Group also participated in the round. TNG says in a press release that the post-transaction valuation stands at US$565 million.
The investment will fuel TNG’s global expansion strategy. The startup also plans to acquire other firms and invest in technologies like artificial intelligence, blockchain, Chat bot and KYC platform.
Headquartered in Hong Kong, TNG FinTech Group is known for its e-wallet platform. The FinTech startup launched the TNG Wallet in Hong Kong in November 2015, allowing users pay bills and shop at partner merchants. The wallet also enables peer-to-peer money transfer, global cash withdrawal and global remittance.
TNG Wallet announced its partnership with convenience chain 7-Eleven in April 2017, allowing users to make payment and cash withdrawal at over 900 locations in Hong Kong. As of August 2017, it has recorded over 600,000 app downloads, with over US$80 million worth of transactions on a monthly basis.
With the plan to build its strength in global money transfer, TNG initiated the “Global E-Wallet Alliance”. It has extended its footprint in 12 countries, including China, India, Thailand, Vietnam and Bangladesh. The startup also plots to launch its e-wallet services in Singapore, the Philippines, Indonesia and Malaysia. The startup also intends to spread its presence to Europe, with the United Kingdom under its expansion plan.
The FinTech sector has been booming in Hong Kong, check out these 5 Hong Kong FinTech startups that secured a significant amount of funding from investor recently!