TNG Wallet raised $115 million Series A for expansion across Asia

TNG Wallet raised Series A funding US$115 million for service expansion into Asia. Digital wallets startup headquartered in Hong Kong on Monday announced it had been getting fresh money led by New Margin Capital. The latest investment makes the digital payment service platform has valuation of approximately US$565 million.

Tinuku TNG Wallet raised $115 million Series A for expansion across Asia

SINO Dynamic Solutions Limited which operates TNG Wallet says the new fund will be used to develop blockchain technology, artificial intelligence (AI) and registration services. They also intend to acquire several other companies and accelerate expansion into South Asia and Southeast Asia.

TNG Wallet was founded by Alex Kong in January 2013 as an e-wallet service provider that supports peer-to-peer money transfers, bill payments, top up SIM, and more. The application has been downloaded 600,000 times per September 2017 and monthly transactions of US$80 million.

Currently TNG Wallet already has 300 employees and has several strategic investors such as Taiwan's Nogle Group and Infinity-KBR Group. Kong said TNG had 70 percent market share in remittance flows from Hong Kong to Indonesia and from Hong Kong to the Philippines.

In 2016, the company created an interstate transfer network called the Global E-Wallet Alliance and partnered in Indonesia, China, Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal, and Pakistan.

Cash withdrawals are free, but TNG takes transfer costs by 15 percent lower than the cost of normal remittances by competitors. In Southeast Asia, TNG Wallet collaborated with InDompet, TCash, GO-PAY, TokoCash and Xin Wallet, while the main competitors were GrabPay and True Money.