China’s Ant Financial Receives $14 Billion in World’s Largest Single Fundraising
Ant Financial Services Group, formerly known as Alipay, had reportedly raised up to $14 billion in what is considered to be the world’s largest single fundraising by a private company.
A spin off from the Alibaba Group Holding Ltd prior to the e-commerce firm’s listing in 2014, Ant Financial is currently the largest mobile payment app in China. A Reuters report puts the value of Ant Financial at $150 billion, which makes it one of the most valuable financial firms in the world.
Ant Financial is aiming to reach 2 billion consumers globally with its payments network in the next few years, backed by investments and strategic partnerships with Southeast Asian payment firms, as well as tie-ups in South Korea, Japan and India.