Alibaba Subsidiary Raises $14 Billion to Drive Blockchain Development
Ant Financial, an Alibaba Subsidiary, has raised a unprecedented $14 billion series C funding round. The Alipay creator says that part of the money will be used to drive innovation in blockchain technology.
Last Friday, Ant Financial announced that a definitive agreement has been reached for its series C that amounted to $14 billion. The funding is a collection of both foreign and domestic investors, $11 billion was raised in US dollar and $3 billion in Chinese RMB, with as reported by The Wall Street Journal.
Earlier it was reported that Ant Financial was seeking a $9 billion investment before the anticipated IPO. Currently, the Chinese company has a market cap around $150 billion. Ant Financial said that it will continue working on blockchain solutions citing that the company will keep on investing in developing its blockchain, security, AI, IOT and computing capabilities in the quest to upgrade its technology platform on the global level for the future generation.
The Ant Financial’s third fundraising effort in three years has drawn the attention of Discovery Capital Management, Primavera capital, The Carlyle Group, Silver Lake, and General Atlantic among others. The Alibaba subsidiary’s investors were forced to agree to certain terms not raising the existing stakes or investing in Tencent Holdings and JD.com Inc, their rival companies.
Ant Financial stands as the largest mobile and online payments network in China and operates Alipay and MoneyGram International, which it acquired last year. Other than developing blockchain solutions, the company is focused on developing technology in the areas of Internet of Things, computing fields, artificial intelligence, and security.
Jack Ma’s company plans on replicating Alipay in several countries across Asia. Reports indicate that Ant Financial served over 15 million businesses in China and over 850 million annual active users globally.