Update: Ant Financial Raises $10 Billion in Latest Funding Round, Sources Say
Ant Financial Services Group, the operator of Alipay, China’s biggest online payment platform by market share, has closed its latest funding round after raising $10 billion from both global and local investors, five people with direct knowledge of the matter said.
The fundraising values the firm at $150 billion, the sources told Reuters.
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.
Previously, sources told Caixin that U.S.-based private equity firm Silver Lake Partners was also discussing a potential investment with Ant Financial.
Ant Financial’s valuation has jumped dramatically over the past few years. The company was valued at about $45 billion when it raised capital in 2016, then saw that figure grow to $60 billion just a year later.
A person with direct knowledge of the matter told Caixin that those early rounds of fundraising may have yielded artificially low valuations because they were made at a discount to attract big state-run investors. In fact, the source added, Ant Financial’s true value at the time of the 2017 funding was probably closer to $100 billion.
Ant Financial’s largest state-owned backers include the National Social Security Fund and China Investment Corp., which own 5% and 3% of the company respectively.
The investor lineup and the size of their investments have been finalized, and the transfer of funds is underway, sources told Reuters on condition of anonymity.
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