What’s Going On?
Ant Financial – a subsidiary of ecommerce behemoth Alibaba – has closed a $14 billion round of funding and plans to use some of the new war chest to invest in blockchain.
Why Does It Matter?
China’s Ant Small and Micro Financial Services Group, known as Ant Financial, raised the investment funds from domestic and global investors in one of the largest private-capital raises on record, reported Private Equity News. The funding values the company at around $150 billion, The Wall Street Journal reported.
$150 Billion Is A Lot Of Money…
If accurate, as Meeker’s data suggests, this would make Ant Financial the ninth-largest internet company in the world.
Since the launch of Alipay in 2004 and the creation of Ant Financial in 2014, the company has built a technology platform and ecosystem of partners, said a spokesman in an official announcement.
“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,” said the Ant team.