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Jack Ma’s financial-technology giant, Ant Financial, has raised around $14bn (£10.43bn) in the biggest-ever single fundraising globally by a private company, according to latest reports.
Ant Financial said it has entered into definitive agreements with domestic and international investors. Those include Singapore’s Temasek Holdings, GIC, private equity firm Silver Lake, Canada Pension Plan Investment Board and the Malaysian government’s strategic investment fund, Khazanah Nasional Berhad.
The cash will reportedly boost Ant’s firepower ahead of a widely expected IPO in Hong Kong and mainland China as early as next year.
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.