Reuters / Adam Jourdan, Cate Cadell
SHANGHAI/BEIJING (Reuters) - Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company.
The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early as next year - though the company has neither publicly set a timetable nor chosen a likely stock exchange.
The exercise amounted to the largest confirmed single fundraising round in history, according to data provider Crunchbase.
Ant Financial, spun off from Alibaba Group Holding Ltd before the e-commerce firm’s 2014 listing, has played a major role in shaping China’s financial technology landscape. It oversees the largest mobile payment app in what is increasingly becoming a cash-less society.
In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches. The dollar share made up over $10 billion, said people with knowledge of the matter.
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