Ant Financial Services Group, the payment services provider affiliated with-commerce company Alibaba, is set to close a funding round valuing it at $30bn, Chinese economics news source Caixin reported today.
The investors are reported to be China’s National Social Security Fund, which will take a 5% stake, Postal Savings Bank of China and China Development Bank, each of which will acquire a 3% stake, and undisclosed private equity firms.
Ant Financial operates a range of online payment services launched by Alibaba, including Alipay, which was formed by Alibaba in 2004 before being spun out in 2010, and which is now the most popular online payment platform in China, with 800 million registered users.
An agreement signed the following year guarantees Alibaba a 37.5% share of Ant Financial in the case of any liquidity event, such as an initial public offering.
News of the imminent funding came days after Ant Financial acquired a 25% share in India-based One97 Communications in return for a reported $500m.