Ant Financial is hoping to raise $10bn in its latest funding round, it has been reported.
This would bring the company’s value up to a total of $150bn, making it the most valuable startup in the world.
Ant Financial is the financial services arm of Alibaba, from which it separated in 2011, and is reportedly preparing for an IPO.
Although Bloomberg did not name sources which mentioned the potential $10bn funding round, it was reported in February that the startup was releasing its financial reports and “tidying up” in preparation for a public listing.
Ahead of the IPO, it has also been announced that Alibaba plans to acquire a 33% stake in Ant Financial, as it doesn’t currently own shares in the spin-off firm.
Temasek Holdings, Singapore’s sovereign investment fund, is set to be lead investor according to Bloomberg. Temasek has already invested in Chinese AI startup SenseTime and Indonesian ride-hailing firm Go-Jek – its investment arm, Vertex Ventures, is the largest venture capital firm in Singapore.