Ant Financial, the payments affiliate of China’s Alibaba Group, is seeking to raise at least $9bn in a funding round that would catapult it up the rankings of the world’s most highly valued companies.
The fundraising ahead of a planned initial public offering is expected to value the company at about $150bn, according to four people close to the discussions, more than double the business’s $60bn valuation at its last funding round in April 2016.
Ant has gone from a spin-off of Jack Ma’s Alibaba in 2011 to the world’s largest third-party payments platform, claiming more than half of China’s booming $16tn mobile payments market.
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