TNG Fintech Group, a Hong Kong-based fintech startup, has raised $115m from a series A funding round led by Chinese private equity firm New Margin Capital.
Apart from New Margin Capital, Infinity-KBR Group, and Taiwanese venture studio Nogle Group participated in the funding round.
The funding is believed to be the biggest-ever in a Series A round by a Hong Kong startup.
The fintech startup intends to use the funds to support its expansion plans, acquisitions, and investments in new technologies such as blockchain, artificial intelligence, chatbots and e-KYC platform.
TNG FinTech Group chairman and CEO Alex Kong said: “As a Hong Kong startup, 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.
“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.”
TNG operates the TNG Wallet that facilitates electronic payment, person-to-person (P2P) money transfer, global remittance, and global cash withdrawal. The company has Global E-Wallet Alliances with Hong Kong, China, Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.