Alibaba's Finance Affiliate Raises USD 4.5 Bln Series B

Mydriver, 4/26/16

Zhejiang Ant Small & Micro Financial Services Group (Ant Financial), the financial services company affiliated with Alibaba Group (NYSE: BABA), has publicly announced its completion of USD 4.5 bln Series B funding with investment from China Investment Corporation, China Construction Bank Trust, China Life Insurance, China Post Group, CDB Capital, Primavera Capital Group and others.

Ant Financial's president Eric Jing said that the money raised would be used to spur technological development, improve product security, boost recruitment efforts and continue the company's expansion into rural and international markets.

Editor's Note: For more information on this topic, please see "Rumor: Alibaba's Finance Affiliate Raises Funding Goal to Over USD 3.5 Bln," MD 4/08/16 issue.

Keywords: Internet China Life VC M&A China Construction Bank funding China Post Series B Alibaba Group China Investment Corporation Eric Jing financial services BABA CDB Capital Primavera Capital Ant Financial Group

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