Record Fintech Investment for Ant Financial

The partner of Chinese e-commerce group Alibaba has recently raised $4.5bn from a majority of state-backed investors, in what is currently referred to as the largest private placement by an internet company globally.

Among the investors in the Series B financing round is China Investment Corp (CIC), the country’s sovereign wealth fund and a supplementary ¬†of China Construction Bank, the country’s second-largest lender by assets.

The total size of the investments has not been disclosed but the fundraising values Ant Financial at $60bn, according to China Business News, a newspaper that is partly owned by Alibaba.

The valuation process places Ant Financial among world’s top private tech companies, in the proximity of Xiaomi and US car-hailing app Uber.

In June 2015, the previous funding round valued the company at $45bn-$50bn.

Ant Financial Services Group includes the well-known Alipay, China’s leading electronic payments service; MYbank, estabilished in June 2015 with the role of an online-only lender for consumers and small businesses; Sesame Credit, an experimental credit rating service that draws on Alibaba’s trove on user data and Tianhong Asset Management, currently the fund manager for Yu’e Bao, the money market mutual fund tied to Alipay.