Touch ‘n Go Group, which operates Malaysia-based eWallet company Touch ‘n Go eWallet, has raised $168.4m (MYR 750m) in a new equity funding round.

This funding was led by Lazada Group, which made a new investment in TNG Digital. The round also saw a follow-on investment by TNG Digital’s current shareholder and parent company Touch ‘n Go Sdn.

This new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.

The round takes TNG Digital’s total funds raised in the last 18 months to $220m (MYR1bn).

Touch ‘n Go Group Group CEO Effendy Hamid said that the funding round will support the company’s “next phase of growth”.

Hamid said: “We will continue to expand in all areas of digital financial services and ensure that our user base is served in an innovative and inclusive manner.”

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Lazada Malaysia CEO Alan Chan said: “Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly. Today’s announcement fortifies that partnership and we are excited by the prospects it presents for both our companies.”

Hamid added: “I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users.”

Touch ‘n Go received approval from the Malaysian central bank to operate Touch ‘n Go eWallet through TNG Digital in 2018.