Chinese banking startup Ant Financial raises a massive $14 billion round of investment
China's Ant Financial said on Friday that it raised about $14 billion in fresh funds from domestic and international investors.
Those funds would be used to expand the company's Alipay payment service globally and to develop new technologies for financial services, the company said.
International investors that participated in the funding round include Singapore's Temasek Holdings, American private equity firm Silver Lake and Canada Pension Plan Investment B oard.
China's Ant Financial announced Friday that it raised around $14 billion in fresh funds from investors.
The company, which was spun off from Alibaba , is a major player in China's massive financial technology landscape. It operates one of the country's largest payments platform, Alipay.
Ant Financial said it has entered into definitive agreements with domestic and international investors. Those include Singapore's Temasek Holdings , GIC, private equity firm Silver Lake, Canada Pension Plan Investment Board and the Malaysian government's strategic investment fund, Khazanah Nasional Berhad.
The funds would be used to speed up Alipay's international plans and to develop technology for financial services to serve unbanked and underbanked consumers and small enterprises, as well as to hire talent in emerging markets, the company said.
Ant Financial is shifting its main focus to technology services and away from payments and consumer finance as Beijing's crackdown on financial risk deepens, Reuters reported earlier this month, citing four sources with knowledge of the matter.
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