TNG FinTech Group has completed a $115-million series A round with a post-money valuation of $565 million, making a new record as the largest-ever series A round among all startups in Hong Kong.
The round is led by New Margin Capital, a Chinese private equity firm investing over $1.7 billion in more than 160 companies with 40 successful IPO exits, according to the company’s announcement on Monday.
TNG FinTech Group provides several financial services including electronic payment, person-to-person (P2) money transfer, global remittance and global cash withdrawal through its-e-wallet platform.
It will use the latest proceeds to support its global expansion strategy, to fund new acquisitions and to invest in new technologies such as blockchain, artificial intelligence, ChatBot and e-KYC platform.
“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 globalisation and our construction of a digital payment ecosystem on a global scale,” said TNG FinTech’s chairman and CEO Alex Kong.
It has launched global money remittance and foreign currency exchange services, Global E-Wallet Alliance, last year in 12 countries outside Hong Kong. This launch covers China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.
TNG plans is to launch the services in Singapore, the Philippines, Indonesia and Malaysia as next destinations and further extend its presence in Europe later on.