Quick Take: Ant Financial Raises $14 Billion

Alibaba affiliate Ant Financial Services Group has raised $14 billion in its Series C financing round, bringing in new investors such as sovereign wealth funds and big-name private equity funds.

The company is valued around $150 billion following the latest fundraising round, more than double the valuation it had after raising $4.5 billion in 2016, according to previous media reports.

Both domestic and international investors participated in the latest equity financing round, according to a statement on Friday from Ant Financial. Domestic investors primarily consisted of existing shareholders.

Its international investors include Singaporean sovereign wealth funds GIC Private Ltd. and Temasek Holdings Private Ltd., Malaysian sovereign wealth fund Khazanah Nasional Berhad, private equity funds Warburg Pincus LLC, Silver Lake, General Atlantic LLC, and pension fund Canada Pension Plan Investment Board.

Funds and accounts advised by T. Rowe Price Associates Inc., The Carlyle Group, Janchor Partners Ltd., Discovery Capital Management LLC, Baillie Gifford & Co. Ltd. and Primavera Capital Ltd. also invested in the company.

Ant Financial said the new funds will be used to accelerate the globalization plans of third-party payment service Alipay, develop technology to provide better services, and cultivate high-tech talent in emerging markets, according to the press release.

Alipay serves approximately 870 million annual active users globally and 520 million users in China, according to a company fact sheet.

“We are pleased to welcome these investors as partners, who share our vision and mission, to embark on our journey to further promote inclusive finance globally,” said Eric Jing, executive chairman and CEO of Ant Financial.

Contact reporter Liu Xiao (liuxiao@caixin.com)