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Ant Financial raises the bar for latest round

Apr 8, 2016 • Robert Lavine

The Alibaba-backed financial services provider is now seeking in excess of $3.1bn which will likely be raised at a valuation of $60bn.

E-commerce group Alibaba’s financial services affiliate, Ant Financial, is set to raise more than RMB 20bn ($3.1bn) at a valuation of about $60bn, China Money Network reported today.

The round will be co-led by Chinese sovereign wealth fund China Investment Corp and financial services firm China Construction Bank, with participation from undisclosed insurance firms and other investors.

Ant Financial encompasses several Alibaba-related financial services units including online payment platform Alipay, lending marketplace Zhao Cai Bao, online investment fund Yu’e Bao,…

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