Ant Financial Services Group, an affiliate company of Alibaba Group Holding Limited (NYSE: BABA), has raised $10 billion in the latest funding round, which gave the company a valuation of about $150 billion, according to people familiar with the matter, reported by Reuters.
The main investors included Singapore's sovereign fund GIC Pte Ltd and state investor Temasek Holdings Ltd, U.S. private equity firm Warburg Pincus LLC, Malaysian sovereign fund Khazanah Nasional Bhd, private equity firm Carlyle Group LP and venture capital firm Sequoia Capital, according to Reuters. This is Ant’s first fundraising that targets international investors. Ant was valued at about $60 billion in its previous fundraising in April 2016.
Ant Financial provides financial services including payment, credit services, asset management and online banking. It operates the biggest online payment platform Alipay in China and the world’s largest money-market fund Yu’e Bao.
The latest round of fundraising came ahead of a potential IPO for Ant Financial. According to a fundraising document seen by Reuters, the company plans to go public both in China and Hong Kong in 2019.
According to Forbes, Zennon Kapron, founder of Shanghai-based consultancy Kapronasia, said: “Over the past couple of months there is a shift in Ant Financial’s focus from being strictly a financial company to a technology provider. They still have the traditional payment business but the company now has a new driver of revenues they are increasingly focused on.”