Hong Kong's TNG Fintech raises $115m Series A

In a statement, the company described the investment as one of the largest Series A rounds ever received by any financial technology company and declared a post-transaction valuation of $565 million. Other backers include Taiwanese VC firm and accelerator Nogle as well as a strategic partnership between Chinese private equity investor Infinity Group and Hong Kong’s KBR Fund Management.

The capital will be used to support a global expansion and fund acquisition activity. It will also be used for technology development in areas such as blockchain, artificial intelligence, chatbots and know-your-customer platforms.

TNG’s flagship product is an e-wallet that facilitates transactions including electronic payment, person-to-person money transfer, global remittance and global cash withdrawal. The service, which covers Hong Kong and 12 countries across Asia, has been downloaded more than 600,000 times and reached more than $80 million in transactions as of August.

“As a Hong Kong start-up, we are delighted that our strategic investors share our vision of achieving financial inclusion for those with limited access to banking services through the use of technology,” said Alex Kong, chairman and CEO of TNG. “The capital raised reflects their confidence in TNG’s management, execution, vision and prospects, and we believe it is a great endorsement for Hong Kong’s fintech industry.”

NewMargin has invested some $1.7 billion in more than 160 companies to date, with 40 IPO exits.

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• Topics
• Greater China
• Financials
• Technology
• Early-stage
• Hong Kong (China)
• TMT
• Venture
• NewMargin Ventures