No IPOs, exit strategies in sight as cash pours into fintech firms
Article from FinTech News Hong Kong (http://fintechnews.hk/2144/mobilepayment/tng-wallet-capital-raise-hongkong/)
TNG FinTech Group, the operator of TNG Wallet, announced today the completion of its Series A round of funding, raising US$115 million at a post-transaction valuation of US$565 million.
The transaction sets the record for the biggest-ever funding in a Series A round by any startup in Hong Kong, and one of the largest Series A rounds for a FinTech company in the world, making TNG one of the largest FinTech groups globally.
The investment is to support TNG’s global expansion strategy, to fund new acquisitions and to invest in new technologies such as Blockchain Technology, Artificial Intelligence (AI), ChatBot and e-KYC platform.
TNG FinTech Group is best known for its TNG Wallet, which was among the first batch of companies that secured the Stored Value Facilities Licence from the Hong Kong Monetary Authority.
TNG Wallet recorded very rapid growth since its launch in November 2015, and has enjoyed a great deal of success over the past 18 months, offering “The Next Generation” e-wallet platform with numerous innovative functions covering payment, person-to-person (P2P) money transfer, global remittance, global cash withdrawal, and so on.
As the holding company of TNG Wallet, TNG FinTech Group is well recognised by international institutional investors.
Its Series A funding is led by New Margin Capital, a major Chinese private equity fund which has invested over US$1.7 billion in more than 160 companies, with 40 successful IPO exits. Other strategic investors in TNG FinTech Group include Nogle Group, a prominent venture studio from Taiwan, and Infinity-KBR Group.