One of the world’s biggest private companies, Chinese Ant Small and Micro Financial Services Group Co., controlled by billionaire and the founder of Alibaba Group, Jack Ma raised an enormous $ 14 billion in investment round from domestic and global investors, Bloomberg reported Friday.
Forbes has estimates the tycoon’s fortune at $ 39 billion.
The company declined to comment on the results of the raise, which was its third in three years. The funding round valued Ant at around $150 billion, CNN said citing people familiar with the matter.
Eric Jing, Ant’s CEO, said in a statement that Ant plans to accelerate its growth strategy and the company will continue to invest into developing technology, hiring more employees, and expanding its global reach.
“We will build an open ecosystem with partners in China and beyond. We will invest in technology and innovation to provide people everywhere with financial services and give them the opportunity to take advantage of the digital economy,” said Jing.
Chinese and foreign investors, including state investment funds of Singapore and Malaysia, the Investment Council of the Canadian pension plan, private equity funds Silver Lake, General Atlantic and others took part in the new round of financing.
“We are pleased to welcome these investors as partners, who share our vision and mission, to embark on our journey to further promote inclusive finance globally and bring equal opportunities to the world. We are proud of, and inspired by, the transformation we have affected in the lives of ordinary people and small businesses over the past 14 years,” he said.
Meanwhile, investors who bought stakes in Ant had to commit to some unusual terms—such as agreeing not to provide capital to Ant and Alibaba’s major rivals, including startups backed by Tencent Holdings Ltd. and online retailer JD.com Inc., The Wall Street Journal previously reported