Ant Financial Services Group, the financial services affiliate of Chinese e-commerce giant Alibaba, said yesterday that it has completed a $4.5 billion Series B round of financing as part of its goal to expand in rural China and globally.
Investors led by China Investment Corp Capital and CCB Trust, a subsidiary of China Construction Bank, joined existing shareholders, including China Life, China Post Group, China Development Bank Capital and Primavera Capital Group, in the financing, it said.
The group incorporates wealth-management sales platform Ant Fortune, credit information service Sesame Credit and private lender MYbank.
"The capital raised in Series B will allow us to invest in the infrastructure, such as cloud computing and risk control, that will underpin our long-term growth in rural and international markets," Eric Jing, president of Ant Financial, was quoted as saying in a statement.
