Ant Financial has signed agreements with investors for its Series C equity financing totalling nearly $14 billion.
This round includes a tranche in renminbi raised by Ant Financial from domestic investors and a USD tranche raised by Ant International, an offshore subsidiary of the company, from international investors.
Funds raised will be used to accelerate Alipay’s globalisation plans and invest in developing technology for inclusive financial services to unbanked and underbanked. The company will also be looking to expand in emerging markets through talent ready to tackle this digital transformation.
New investors have joined the USD tranche, such as GIC, Khazanah Nasional Berhad, Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, Temasek, General Atlantic, among others.
“We are dedicated to building an open ecosystem with all our partners in China and beyond,” says Eric Jing, executive chairman and CEO of Ant Financial. “We will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy.”
The company reports that it will continue to invest in developing its blockchain, artificial intelligence (AI), security, internet of things (IoT) and computing capabilities to build a global technology platform for the next generation.