TNG Wallet Raises $115 Million USD in Series Abr>
Hong Kong-based FinTech firm TNG Wallet has raised US$115 million in a Series A funding round led by New Margin Capital, a Chinese private equity fund. The funding puts TNG’s valuation at $565 million.
Participating investors include Taiwan-based venture studio Nogle Group and Infinity-KBR Group.
TNG will use the new funding for expansion plans, such as in the UK; fund new unspecified acquisitions; and for general investment plans in blockchain, artificial intelligence (AI), chatbots and e-KYC (know your customer) platforms.
Launched in November, 2015, TNG Wallet 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. The company also offers global remittance, global cash withdrawal, P2P money transfer, global SIM top-up, and more.