Ant Financial, the finance spin-off of Chinese ecommerce company Alibaba, has raised $10bn in its latest round of funding as it prepares for an IPO this year.
The agreed investors are now transferring funds to Ant Financial Services Group, which operates the popular e-payment platform, Alipay.
Investors have included Singapore’s sovereign fund GIC Pte Ltd, state investor Temasek Holdings, US private equity firm Warburg Pincus LLC and Malaysian sovereign fund Khazanah Nasional Bhd.
Carlyle Group PL and Sequoia Capital have also reportedly invested.
The fund also includes $1.1bn new shares which have not yet been finalised, CNBC has reported.
The funding now places the value of Ant Financial at $150bn. This means that when the firm floats on the stock exchange as planned later in the year, it will potentially be the second biggest IPO in history, following Alibaba which was worth $168bn in 2014.