The Alibaba-affiliated financial services provider is in talks with new and existing investors and is set to raise the money at a valuation of up to $60bn.

Ant Financial, the China-based financial services partner of e-commerce group Alibaba, has entered talks with investors for a funding round that could reach CNY20bn ($3.1bn) in size, the Wall Street Journal reported yesterday.

Ant, which counts Alibaba and postal service China Post Group as backers, is speaking to new and existing investors for the round, which would value it at between $50bn and $60bn, and which is expected to close by the middle of next month.

Launched as a vehicle…