Ant financial, subsidiary of Alibaba, has raised a whopping $14 billion in a Series C funding round. The funds will be used to boost the development of blockchain technology.
Last Friday, Ant financial announced that they have reached an agreement with its investors for a total amount of $14 billion. The funds were raised from both domestic and foreign investors. $11 billion are raised in USD and other $3 billion were raised in RMB. Reportedly, the lowest investment amount was $200 million, and the highest one being $500 million.
Sometime earlier, Ant Financial was in a search for $9 billion before conducting their IPO (Initial Public Offering). At the moment, the value of the company is around $150 billion.
Ant Financial said that it will be working on the blockchain development:
“The Company will continue to invest in developing its blockchain, AI, security, IoT, and computing capabilities to upgrade its global technology platform for the next generation.”
This was the third sale in three years for Ant Financial. The sales have brought significant attention of General Atlantic, Discovery Capital Management, Primavera Capital, Carlyle Group, and others.
Investors who invested in the subsidiary of Alibaba were required to agree on certain terms. They have to agree not to raise existing stakes or make investments in rival companies JD.com Inc. and Tencent Holdings.
Ant Financial is the largest mobile payments network in China. It currently controls Alipay and MoneyGram International. Ant Financial wants to use the new technology, including blockchain to improve customer services. They are also developing artificial intelligence, IoT (Internet of Things), security solutions and computing fields.
According to CCN, if Ant Financial goes public, the worth of the company would increase dramatically. It would be worth more than companies like Goldman Sachs, BlackRock, and Paypal. There are some rumors that the company can be expected to be listed on domestic and exchanges overseas.