China’s New Margin Cap leads $115 mn series A round in TNG Fintech Group
Fintech Group has closed a $115-million series A round at a post-money valuation of $565 million, a new record for the largest-ever series A round by a start-up in Hong Kong.
The round was led by New Margin Capital, a Chinese private equity firm investing over $1.7 billion in more than 160 companies with 40 successful initial public offering (IPO) exits, the company announced on 11 September.
Other strategic investors in the round included Taiwanese venture studio Nogle Group and Infinity-kbr Group.
TNG Fintech Group provides several financial services including electronic payments, person-to-person (P2) money transfers, global remittances and global cash withdrawals through its-e-wallet platform.
The firm 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 (know your customer) 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.
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.