Malaysian e-payment app Treasure Global files for a $29 million IPO

By Renaissance Capital,

Treasure Global, which provides an e-payment app in Malaysia that offers instant rebates, filed on Tuesday with the SEC to raise up to $29 million in an initial public offering.

Treasure Global’s e-payment application, ZCITY App, is designed to offer consumers and merchants instant rebates and affiliate cashback programs, while providing a streamlined e-payment solution with rebates in both e-commerce (online) and physical retailers/merchant (offline) settings. The app launched in Malaysia in June 2020, and as of March 22, 2022, it had over 1.1 million registered users and 1,900 registered merchants.

The New York, NY-based company was founded in 2017 and booked $57 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq but has not yet selected a ticker (RC ticker: TGLB.RC). Treasure Global filed confidentially on January 26, 2022. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.

Source :$29-million-IPO

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