Hong Kong fintech startup TNG has raised US$115 million in Series A round 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 IPO exits.
Participating investors include Taiwan-based venture studio Nogle Group, and Infinity-KBR Group.
The whopping tranche of financing has put TNG at a valuation of US$565 million, according to an official press release.
TNG will use the new funding to ramp up its reach into global markets such as the UK, fund new acquisitions and invest in new technologies such as blockchain, AI, chatbot and e-KYC platform.
TNG also offers a gamut of financial services including global remittance, global cash withdrawal, P2P money transfer, global SIM top-up, and more.
In November 2015, its launched its e-wallet TNG wallet. It allows users to pay for bills, transportation, conduct money transfers, withdraw cash, buy products from selected vending machines, as well as make e-commerce payments.
To date, TNG Wallet has logged over 600,000 app downloads and US$80 million worth of monthly transactions — making it one of the largest e-wallet providers in Hong Kong.
“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,” said Dr. George Lam, Chairman of the Board at Hong Kong Cyberport Management Company Limited, in an official press release.
“This makes us especially proud and reaffirms our mission of fostering and nurturing Hong Kong’s innovative technology leaders,” he added.
TNG Wallet is also part of a consortium of e-wallets called Global E-Wallet Alliance, which covers Hong Kong and 12 countries, including China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.