ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Markets

Ant Financial raises $14bn for global growth in payments market

Singapore and Malaysia sovereign funds among investors in Alibaba affiliate

Ant Financial logo
Alibaba's payments unit Ant Financial counts sovereign wealth funds in Southeast Asia and U.S. private equity funds among its investors.   © Reuters

Alibaba Group Holding's payments affiliate, Ant Financial, on Friday said it has raised $14 billion from investors, including sovereign funds in Singapore and Malaysia, in one of the largest financing rounds by a private company.

The deal, which was worth several billion dollars more than previously reported, is a combination of U.S. dollar and Chinese yuan tranches raised from both foreign and domestic investors, the company said in a news release.

Investors include Malaysia's state-linked investment fund Khazanah Nasional, Singapore's sovereign wealth funds GIC and Temasek, and U.S. private equity funds Warburg Pincus and General Atlantic, among others.

The large sum highlights the growing appetite among investors to tap into China's mobile payments market, which is the largest in the world and is dominated by Ant Financial's Alipay and rival WeChat Pay.

The proceeds will be used to "accelerate Alipay's globalization plans and invest in developing technology," Ant Financial said. The company has already entered Southeast Asian markets, mostly through acquisitions and joint ventures, and it holds a stake in the owner of India's Paytm.

Ant Financial had 870 million annual active users worldwide for the year ended March, according to the company.

The fundraising comes as anticipation grows for Ant Financial's initial public offering. The company did not comment on the listing or its valuation, which was previously reported at $150 billion.

Wataru Suzuki

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media