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Ant Financial raises 4.5 bln dollars in latest financing round

Xinhua, April 26, 2016 Adjust font size:

Alibaba's financial spin-off Ant Financial said on Tuesday that it has completed a 4.5 billion U.S. dollar financing round that valued the company at 60 billion dollars.

The 4.5 billion dollar investment, which Ant Financial says is the most ever raised privately by an internet company in a single round, was led by China Investment Corporation Capital and CCB Trust, a subsidiary of state-owned lender China Construction Bank.

Ant Financial's early backers such as China Life Insurance Group, China Post Group, China Development Bank Capital and Primavera Capital also participated in the latest round.

The funds will be used to expand financial services in rural China, ramp up investment in financial services in mostly emerging economies, strengthen tech and risk control, and green finance, the company said.

Ant Financial owns China's largest third party payment service Alipay and controls the company that manages the country's largest money market fund Yu'ebao. Its businesses also include consumer credit and the private lender MYbank. Endi