China’s Ant Financial says raises $14 billion in funding round

SHANGHAI (Reuters) – Ant Financial Services Group, operator of China’s biggest online payment platform by market share, said on Friday it had raised around $14 billion from investors including Singapore’s sovereign fund and U.S. private equity firm Warburg Pincus LLC[WP.UL].

FILE PHOTO: The logo of Ant Financial Services Group, Alibaba’s financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. Picture taken January 24, 2018. REUTERS/Shu Zhang

The capital-raising comes ahead of a widely expected initial public offering (IPO), though Ant has neither publicly set a timetable nor chosen a likely stock exchange.

In a statement, Ant listed Singaporean sovereign fund GIC Pte Ltd GIC.UL and state investor Temasek Holdings (Private) Ltd [TEM.UL] as investors in the financing round.

It said the funds would be used to speed up globalisation plans for its popular Alipay payment platform and to invest in developing technology.

Reporting by Adam Jourdan; Editing by Miral Fahmy

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