Ant Financial raised $14 billion ahead of IPO in Hong Kong

Tinuku - Ant Financial Services Group on Friday said it has raised about US$14 billion as the largest single global fundraising by private companies. Cash will increase Ant ahead of an initial public offering (IPO) in Hong Kong and mainland China early next year, although the company does not publicly set up schedules or select stock exchanges.

Technology giant headquartered in Hangzhou owned by Alibaba Group Holding Ltd has established China's financial technology landscape and the largest mobile payment application as a cashless society. Ant said investors include GIC Pte Ltd, Temasek Holdings Ltd, Warburg Pincus LLC, Khazanah Nasional Bhd, Canada's Pension Plan Investment Board, and Silver Lake and General Atlantic.

Tinuku Ant Financial raised $14 billion ahead of IPO in Hong Kong

The company has never released the assessment details after the funding round, but previous funding is likely to be worth about US$150 billion, making it one of the most valuable financial companies in the world. Ant said it would use the latest funds to accelerate globalization plans for Alipay's payment platform.

Apart from the payment, Ant also offers consumer finance products including credit services, wealth management products and micro loans. Deutsche Bank, Citigroup, China International Capital Corp., CITIC Securities, JPMorgan and Morgan Stanley act as financial advisors to Ant.