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

Grant Thornton has agreed to make the funding commitment alongside the provision of mentoring and other resources to the business management platform.

The charity crowdfunding platform will invest the funding in product development and an expansion of its user base.

The Ping An-backed holding company, which oversees three investment units, raised $1.96bn in an initial public offering that will fund strategic expansion.

Financial services provider Reliance Capital Management has secured funding from investors including reinsurer PartnerRe.

The Google-backed credit monitoring platform will leverage the funding to grow into a more expansive finance management service.