Web: Alibaba's financearm Ant Financial valued at $60B

March 2016 by: From The Web

Ant Financial, the Alibaba spinoff that operates popular Chinese digital wallet Alipay, is raising a new round of funding at a $60 billion valuation, according to Reuters.

The Wall Street Journal reported that Alipay is seeking to raise as much as $3 billion in new funding.

Alipay is a digital wallet that shoppers—most of them in China—use to buy products online, on their phones, and even in stores. With 400 million registered users, it is almost triple the size of its U.S. rival, PayPal.

As Ant Financial’s U.S. chief told Fortune in 2015, Alipay’s mobile app helps you do everything you need to do financially including shopping online, paying for an Uber, buying a plane ticket, or even paying your electricity bill. Many physical stores in China also accept Alipay.

On China’s busiest online shopping day, known as Singles Day, on Nov. 11. 2015, Alipay processed $14.3 billion in sales by Alibaba.


Continue Reading: Fortune