Ant Financial Services Group, China's highest valued online finance company and affiliate of Alibaba Group is currently in talks to raise money to help fund further global expansion. Ant Financial is looking to banks to help raise over $3 billion.
China’s most valuable online finance company is on an acquisition spree to build a global powerhouse stretching from India to Texas. To fund its overseas deals, Ant Financial Services Group—an affiliate of online shopping giant Alibaba Group—is in early discussions with bankers to raise more than $3 billion, possibly by issuing bonds or bank loans, according to a person familiar with the talks. The fundraising talks come ahead of an initial public offering Ant Financial is separately planning, although the company hasn’t publicly discussed the timeline or potential venues for such an offering. Ant, whose Alipay payment service has 450 million users, was valued at roughly $60 billion in its latest equity fundraising last year, putting it above PayPal’s roughly $50 billion market capitalization.