Ant Financial to raise over USD 12 bln
May 31, 2018 (China Knowledge) - Alibaba affiliate, Ant Financial aims to raise more than USD 2 bln of additional funding in a yuan-denominated financing round by bringing in existing shareholders, according to foreign sources.
This comes after a recent USD 10 bln financing round which attracted a number of global sovereign wealth funds and private equity firms, including Singapore's sovereign fund GIC Pte Ltd, state investor Temasek Holdings and U.S. private equity firm Warburg Pincus LLC. China's sovereign wealth fund China Investment Corp is reportedly taking part in the additional funding round.
As of May, Ant Financial's subscribers reached 622 mln, of which 520 mln come from Alipay, its core payments arm. The company aims to reach 2 bln users worldwide in the next decade and have been actively investing overseas, for instance Indian payment firm Paytm.
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