TNG Digital Revenue, Valuation, Funding & Investors

TNG Digital is valued at $660M as of July 2022, a 12.7x multiple on its last reported $52M revenue.

Last TNG Digital valuation

$660M

Undisclosed stage · Jul 2022

Last TNG Digital funding round

$169M

Undisclosed stage · Jul 2022

TNG Digital revenue

$52M

Undisclosed stage · Jul 2022

Key investors in TNG Digital

  • AIA Group
  • Bow Wave Capital Management
  • Lazada Group
  • Touch n Go

TNG Digital Overview

About TNG Digital

TNG Digital is a Kuala Lumpur, Malaysia-headquartered e-wallet operator launched in 2017. The platform facilitates QR code payments at over 280,000 merchants, tolls, parking, e-hailing rides, bill payments, e-commerce purchases, peer-to-peer transfers, insurance renewals, and bookings for transportation and entertainment services.


Founded

2017

HQ

MalaysiaKuala Lumpur

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Revenue

$52M (Jul 2022)

Valuation

$660M (Jul 2022)

TNG Digital Valuation

TNG Digital is currently valued at $660M, based on its undisclosed-stage round in July 2022.

The $169M round was led by Lazada Group, with participation from Touch n Go.

TNG Digital's valuation has moved from $700M at its undisclosed-stage round in July 2021 to $660M in July 2022, across 2 priced rounds.

TNG Digital valuation by funding round

Revenue multiple
TNG Digital valuation by funding round
DateStageValuationRevenue Multiple
Jul 2022Undisclosed stage$660M12.7x
Jul 2021Undisclosed stage$700M-

TNG Digital Revenue

TNG Digital's latest recorded revenue is $52M, as of its undisclosed-stage round in July 2022. At a $660M valuation, that implies a 12.7x revenue multiple.

TNG Digital revenue by funding round

TNG Digital revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2022$52M$660M12.7xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

TNG Digital Funding History

TNG Digital has raised a total of $244M across 2 funding rounds.

TNG Digital's first fundraising round was a $75M undisclosed-stage round in July 2021. The most recent completed round was a $169M undisclosed-stage round in July 2022.

TNG Digital funding rounds

TNG Digital funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Undisclosed stageLazada Group (lead); Touch n Go$169M$660MTNG Digital, the operator of Touch 'n Go eWallet, is a Malaysian fintech company founded by Touch ‘n Go and Alibaba’s Ant Group, focusing on digital payments, financial services, and e-wallet solutions. In July 2022, it raised RM750 million (approximately $168.9 million) in an equity funding round led by Lazada Group with participation from existing shareholder Touch ‘n Go, valuing the company at RM3 billion. This investment strengthened collaborations between e-commerce leader Lazada and digital payments provider TNG Digital, aiming to enhance user and merchant experiences across ecosystems. The round brought TNG Digital's total funding over the prior 18 months to over RM1 billion, following earlier raises including US$75 million from AIA Group and Bow Wave Capital. Shareholders now include Touch ‘n Go Group, Ant Group, AIA Group, Bow Wave Capital, and Lazada. Leaders from Touch ‘n Go and Lazada highlighted the funding's role in expanding digital financial services, supporting growth for SMEs and MSMEs, and integrating seamless payment options. The funding positions TNG Digital for further ecosystem expansion in Southeast Asia's digital payments landscape.
Jul 2021Undisclosed stageAIA Group (lead); Bow Wave Capital Management (lead)$75M$700MTNG Digital is the owner and operator of Touch 'n Go eWallet, Malaysia's largest e-wallet company with over 16 million registered users as of 2021. The company was established in 2017 and is jointly backed by CIMB Group's Touch 'n Go subsidiary and China's Ant Group, which together held a 51:49 ownership structure prior to external investments. In July 2021, TNG Digital raised US$75 million in a funding round led by insurance company AIA Malaysia and US-based private equity firm Bow Wave Capital Management. This investment valued TNG Digital at approximately $700 million post-money, with AIA making a minority equity investment as part of a long-term strategic partnership to provide digital insurance solutions to the platform's customer base. Following this round, CIMB's stake in TNG Digital diluted from 51% to approximately 47%. The company had grown to become Malaysia's first e-wallet to receive approval from the Securities Commission as a Recognised Market Operator (RMO) in 2021, enabling expansion into wealthtech offerings and financial services beyond core payments.

Who has invested in TNG Digital?

4 investors have backed TNG Digital across its funding rounds, including AIA Group, Bow Wave Capital Management, Lazada Group and Touch n Go.

Lead investors include Lazada Group, AIA Group and Bow Wave Capital Management.


TNG Digital Investors

Investors in TNG Digital by funding rounds participated
InvestorHQRoundsRoleFirst check
Touch n GoMalaysiaKuala Lumpur1ParticipantJul 2022
Bow Wave Capital ManagementUnited StatesNew York City, NY1LeadJul 2021

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TNG Digital Competitors

TNG Digital competitors include listed companies like SLR Digital Finance and PaySign, and private ones like Cashfree Payments, Mudflap, Paysend and TrueLayer.

Public and private companies comparable to TNG Digital
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SLR Digital FinanceUnited StatesUnited StatesPublicly listed$224M$219M$668M6.9x
Cashfree PaymentsIndiaBangalorePrivate$68M-$700M10.3x
MudflapUnited StatesSan Francisco, CAPrivate--$700M-
PaysendUnited KingdomLondonPrivate$100M-$700M7.0x
TrueLayerUnited KingdomLondonPrivate$27M-$700M25.9x
PaySignUnited StatesUnited StatesPublicly listed$82M$16M$701M6.4x

TNG Digital Public Comps

TNG Digital is still privately-owned, but its public comps include SLR Digital Finance, PaySign, Seshaasai, Digital Garage, SZZT Electronics Co, LINE Pay Taiwan, AvenuesAI, Hightech Payment Systems, PayPoint and Priority Technology Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SLR Digital Finance$224M$219M6.2x6.9x6.4x-
PaySign$82M$16M8.3x6.4x43.3x20.7x
Seshaasai$150M$41M3.9x3.7x14.4x14.2x
Digital Garage$263M$51M1.9x1.9x10.0x10.3x
SZZT Electronics Co$148M($7M)6.9x4.5x(143.3x)-
LINE Pay Taiwan$247M$24M----
AvenuesAI$846M$39M0.6x-13.4x-
Hightech Payment Systems$156M$29M3.3x3.2x17.6x18.1x

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Common questions about TNG Digital

When was TNG Digital founded?TNG Digital was founded in 2017.
Where is TNG Digital headquartered?TNG Digital is headquartered in Kuala Lumpur, Malaysia.
Is TNG Digital publicly listed?No, TNG Digital is a private, VC-backed company.
What is TNG Digital's valuation?TNG Digital was last valued at $660M in its undisclosed-stage round in July 2022.
How much funding has TNG Digital raised?TNG Digital has raised $244M across 2 funding rounds.
What was TNG Digital's last funding round?TNG Digital's last funding round was a $169M undisclosed-stage round in July 2022, led by Lazada Group.
Who are TNG Digital's investors?TNG Digital's investors include Touch n Go, Bow Wave Capital Management, Lazada Group and AIA Group.
What is TNG Digital's revenue?TNG Digital's latest recorded revenue is $52M (July 2022).
What is TNG Digital's revenue multiple?TNG Digital's latest valuation implies a 12.7x revenue multiple ($660M valuation on $52M of revenue).
Which companies are comparable to TNG Digital?Companies comparable to TNG Digital include SLR Digital Finance, Cashfree Payments, Mudflap, Paysend, TrueLayer and PaySign.

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