China's Ant Financial Services Group plans to raise at least US$2 billion in a yuan-denominated funding round after recently closing US$10 billion from global and local investors, Bloomberg News reported May 31, citing sources familiar with the matter.
The Alibaba Group Holding Ltd. affiliate plans to tap Chinese shareholders in its planned fundraising. Sovereign wealth fund China Investment Corp., a shareholder of the company, is considering participating in the funding round.
The latest US$10 billion capital raising had the company valued at US$150 billion, making it the biggest fintech company in the world, according to the report. Singaporean sovereign fund GIC Pvt. Ltd., state investment company Temasek Holdings (Pte.) Ltd. and U.S.-based private equity firm Warburg Pincus LLC were among the major investors in the transaction.
Ant Financial declined to comment on the report, while China Investment Corp. did not immediately respond to an email from Bloomberg.
