Ant Financial raises US$14 billion in latest funding round as it seeks to expand Alipay globally
The funding makes Ant the world’s largest fintech firm and gives it a war chest for future expansion
China’s Ant Financial Services, the payments giant controlled by Jack Ma, raised about US$14 billion in its latest funding round as it accelerates the expansion of Alipay globally and develops new technology.
The financing included a US dollar tranche backed by Singapore’s sovereign wealth fund GIC Pte. as well as Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake and Temasek Holdings, the Hangzhou-based company said in a statement Friday. A yuan denominated component of the funding was supported mainly by existing shareholders.
The funding makes Ant the world’s largest fintech firm and equips it with enormous resources for expansion. The affiliate of Alibaba Group Holding is already China’s biggest online payments service and controls the world’s largest money market fund as it moves deeper into areas from consumer lending to credit scoring. Ant Financial posted a 65 per cent jump in pre-tax profit, rising to 9.18 billion yuan in fiscal 2018 ended in March.
“Now, with the help of our partners, we are going to accelerate our strategy,” chief executive Eric Jing said in the statement.
Ant Financial didn’t disclose a valuation from the funding round. The company was raising funds at a US$150 billion valuation, Bloomberg News reported in May.