Ant Financial Services Group, the operator of China’s biggest online payment platform by market share (Alipay), has closed its latest funding round with $10 billion raised from global and local investors, reported Reuters.
This would peg Ant Financial at a value of $150 billion, up from $60 billion from its previous funding back in April 2016.
A number of global sovereign wealth funds and private equity firms joined the fundraising as main investors. These include:
- Singapore’s sovereign fund, GIC Pte Ltd
- Singapore’s state investor, Temasek Holdings (Private) Ltd
- U.S. private equity firm, Warburg Pincus LLC.
- Malaysian sovereign fund, Khazanah Nasional Bhd
- Private equity firm, Carlyle Group LP
- VC firm, Sequoia Capital
While the round hasn’t been made public yet, the amount and investor line-up is finalized and the transfer of funds is underway, according to the report.
The round also includes a tranche of 7 billion yuan ($1.1 billion) as new shares, however, this hasn’t been finalized yet.
If successful, this would make ANT Financial’s IPO at $150 billion one of the biggest ever. For the sake of comparison, Facebook was valued at $104 billion in 2012 and Alibaba at $168 billion in 2014.
ANT Financial in Pakistan
Back in March, it was announced that Ant Financial would invest USD 184.5m for a 45% stake in Telenor Microfinance Bank (“TMB”), a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services.
Ant Financial is the most valuable fintech company in the world and was formerly known as Alipay.
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 payment platform, and other financial services, to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.