Ant Financial Eyes Global Expansion With USD14 Billion Funding

Ant Financial Eyes Global Expansion With USD14 Billion Funding

Wang Hai

Date: Fri, 06/08/2018 - 17:35 / source:Yicai
Ant Financial Eyes Global Expansion With USD14 Billion Funding
Ant Financial Eyes Global Expansion With USD14 Billion Funding

(Yicai Global) June 8 -- China’s Ant Financial Services Group, the world’s largest fintech firm, aims to focus efforts on expanding overseas following the securement of USD14 billion in funding, valuing the company at over USD150 billion.

Top global capital groups including GIC Private, Malaysia Khazanah, Warburg Pincus and Canada Pension Plan Investment Board took part in the round, the Hangzhou-based company said in a statement. Original shareholders also increased their investments, with Silver Lake, Temasek, General Atlantic, T. Rowe Price, Carlyle and Janchor Partners among the other participants.

"We are dedicated to building an open ecosystem with all our partners in China and beyond,” said Chief Executive Eric Jing. “We will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere.”

Ant Financial plans to use the financing to advance the globalization of its third-party payment platform Alipay, conduct independent research and development, and recruit top talent on a global level.

The company, an affiliate of leading Chinese tech firm Alibaba Group Holdings, raised a cumulative USD6.4 billion in two previous rounds in July 2015 and April 2016. The last series valued the firm at USD60 billion meaning that the company has nearly tripled its valuation in the space of just over two years.

Alipay, Ant Financial’s main business, provides services to some 870 million active users globally, of which 552 million are Chinese, the company said. This marks the first time that Ant has disclosed userbase figures for the platform.

Editor: William Clegg

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Keywords: Ant Financial Services Group, Alipay, Mobile payment