Ant Financial, China’s largest online financial services provider focused on serving small and micro enterprises and consumers, announced that it had entered into definitive agreements with investors for Series C funding totaling approximately $14 billion.
The fund raising comprises 2 tranches, one raised in RMB from domestic investors and another in USD from international investors. According to Ant, the global investors which took part in funding include Singapore’s sovereign wealth fund GIC, Temasek Holdings, a global investment company as well as Malaysia’s sovereign fund Khazanah Nasional Berhad. The investors also include Canada Pension Plan Investment Board, Warburg Pincus, Silver Lake apart from others.
The current round of funding is considered the largest single fund raising exercise ever by a start-up.
According to a PR Newswire report, Ant Financial is expected to use the funds to accelerate Alipay’s globalization plans and as well as to invest in developing the financial technology.
Eric Jing, CEO and Executive Chairman of Ant Financial said “We are dedicated to building an open ecosystem with all our partners in China and beyond. We will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy.”
Ant Financial, which was formerly known as Alipay was established in 2014 and is an affiliate company of Alibaba Group.