Ant Financial, the payments affiliate of Alibaba, said on Friday that it had raised $14bn in a pre-initial public offering round of funding, several billion dollars more than originally anticipated.
The fundraising brought in a long list of foreign investors such as Singapore’s GIC and Temasek, Malaysia’s Khazanah, Canada Pension Plan Investment Board, Warburg Pincus and General Atlantic.
The company, which runs China’s largest mobile payments platform, raised renminbi from domestic investors but foreign companies bought into Ant through a wholly owned offshore subsidiary called Ant International.
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