China's internet is just on another scale as shown by today's announcement of Ant Financial.
Alibaba Group affiliated Ant Financial raised a $4.5 billion investment in series B. This is the world's largest private investment round for an internet company. Ant Financial did not reveal the evaluation, but industry insiders put the value of Ant Financial at $60 billion. This makes it the second most valuable private internet company behind Uber, which is valued at $62 billion.
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Ant Financial Services Group is offering services to small and micro enterprises as well as consumers. Businesses operated by Ant Financial Services Group include Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Micro Loan and Sesame Credit.
Ant Financial has spun out of Alibaba Group in 2014, before Alibaba went public. The company is now on the path to a historic IPO.
The record investment round was led by China Investment Corporation together with China Construction Bank according to South China Morning Post. The new investors join Ant Financial shareholders which include China Life, China Post Group, China Development Bank Capital and Primavera Capital Group.
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