Ant Financial, operator of China’s leading online payment platform Alipay, reportedly closed a recent funding round with $10 billion raised from global and local investors. The cash infusion boosted the company’s value to around $150 billion.
The Hangzhou-based company, which also operates the world’s largest money-market fund Yu’e Bao, was valued at around $60 billion following its previous fundraising efforts in April of 2016.
Main investors included Singapore’s sovereign fund GIC Pte Ltd, Malaysian sovereign fund Khazanah Nasional Bhd, state investor Temasek Holdings Ltd, and U.S. private equity firm Warburg Pincus LLC, Reuters reported.
Also joining the funding round were private equity firm Carlyle Group LP and venture capital firm Sequoia Capital.
The deal has not been finalized and the details have not been released to the public, according to Reuters.
The move is seen as a precursor to the fintech company’s expected initial public offering, though no timetable has been set.
A $150 billion valuation would make Ant Finanical’s IPO one of the world’s biggest. Alibaba went public worth $168 billion in 2014, while Facebook was worth $104 billion at the time of its IPO in 2012.
At a valuation of $150 billion, Ant Finanical’s IPO would be one of the world’s biggest.
The Alipay app has been gaining in popularity in China and aborad, as Ant Financial continues to install its digital wallets in brick-and-mortar stores as part of Alibaba’s New Retail initiative, Forbes said.
The e-commerce giant’s plan is to upgrade China’s retail sector via cutting-edge technologies like digital payment and data analytics.