Ant Financial, the online payment service spun out of Alibaba in 2011 is now valued at $50 billion after reportedly closing a Series A round.
TechCrunch says the actual financing was not disclosed, but the tech site places a valuation between $45 billion and $50 billion.
Ant Financial is Alibaba’s finance affiliate, running the payments service Alipay, investment fund Yu’e Bao, and online lending service MYBank. The company is controlled by Alibaba founder and chairman Jack Ma. Ant Financial calls among it more than 1 billion global users.
The National Social Security Fund (NSSF), China’s largest pension fund, holds approximately a 5% stake in the company.
Ant Financial plans to go public sometime next year according to Bloomberg. Alibaba had its own record-breaking IPO in 2014, raising $25 billion.
Similar to Paypal in the United States, Alipay is China’s largest online payment portal. In 2014, Alipay was responsible for $800 billion in transactions.