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Following the satisfaction of the closing conditions set forth in a 2014 agreement, Alibaba has received a newly issued 33% equity interest in Ant Financial - the Chinese payment platform which also owns Yu'e Bao (the worlds largest money market fund) and Sesame Credit (a third party credit rating system).
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Alibaba and Ant Financial combined have about 960 million annual active users in China alone, according to the company. Looking ahead, Alibaba — which operates multiple e-commerce platforms such as Taobao, Tmall, Freshippo and Tmall Super — said it is targeting 1 billion annual active consumers by the end of fiscal year 2024 and annual gross merchandise volume, or GMV, of 10 trillion yuan ($1.4 trillion).
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