Alibaba's financial services affiliate, which closed funding at a $50bn valuation last year, is raising the capital ahead of a future initial public offering.
Ant Financial, which acts as e-commerce group Alibaba’s financial services affiliate, is in the process of raising up to RMB10bn ($1.5bn) in funding, Bloomberg reported yesterday.
The capital will be provided by a mix of existing backers as well as new investors ranging from insurance firms and large financial services firms to private equity funds and venture capital firms, according to a person familiar with the matter.
Formed by Alibaba in 2014 to house several of its financial services entities,…
