E-commerce company Alibaba's online payment affiliate raised the series A funding in a private placement featuring several major insurance firms.

Ant Financial, the China-based online payment service affiliated with e-commerce company Alibaba, closed its series A round on Friday having raised an undisclosed sum from backers including “major Chinese insurance corporations.”

The investors in the private placement included the state-owned social National Council for Social Security Fund (NSSF). NSSF acquired a 5% stake in Ant Financial, according to the Wall Street Journal, and reportedly invested at a substantial discount, TechCrunch stated.

Although the precise amount of funding raised by Ant…

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