Ant Financial, the Chinese payments, wealth management, and insurance company raised a $4.5b Series B on a rumored $60b valuation. The company has been around for 12 years, but this is only its Series B. This round of financing is expected to help prepare the company to go public. China Investment Corp Capital and CCB Trust, a subsidiary of China Construction Bank, participated in the round.
The Alibaba BABA -1.22% affiliate’s latest fundraising is the biggest ever for a private Internet company. But the company is also much older than its fundraising peers, and is only now gearing up for an IPO after 12 years and a rebranding in 2014. Ant Financial is among a series of financial technology companies tapping investors for pre-IPO financing to fund expansion as Chinese consumers move more of their banking, payments and investing online. The company has confirmed plans for an IPO but has previously said it does not have a timeline for the process. It did not comment on the IPO on Tuesday. “The capital raised in Series B will allow us to inve