Ant Financial raises $10 billion from global and local investors

The fundraising values the firm at $150 billion, the people said, compared with about $60 billion after its previous fundraising in April 2016

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BEIJING: Ant Financial Services Group, operator of China’s biggest online payment platform by market share, Alipay, has closed its latest funding round having raised $10 billion from a clutch of global and local investors, five people with direct knowledge of the matter shared.

The fundraising values the firm at $150 billion, the people said, compared with about $60 billion after its previous fundraising in April 2016.

A number of global sovereign wealth funds and private equity firms joined the fundraising as main investors. They include Singapore’s sovereign wealth fund GIC Pte Ltd and state investor Temasek Holdings (Private) Ltd, as well as U.S. private equity firm Warburg Pincus LLC, the people said.

The people spoke on condition they not be identified as the deal details are not yet public. The amount and investor line-up are finalised and the transfer of funds is underway, the people also said.

Ant, controlled by Alibaba Group Holding Ltd founder Jack Ma, declined to comment. Temasek and Warburg declined to comment. GIC did not immediately respond to a request for comment.

Back in March, Alibaba’s Ant Financial said it would invest $184.5million for a 45 percent stake in Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services.

The strategic partnership between Telenor Group and Ant Financial combines TMB’s knowledge and local market presence with more than 20 million customers, and Ant’s technology in Alipay, the world’s largest digital payments platform, and other financial services to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.