THE LARGEST FINTECH COMPANY IN THE WORLD
Alibaba spin-out Ant Financial operates one of China’s largest payments platform, Alipay, and quickly became the largest fintech company in the world with revenues hitting $8.9 billion last year. According to numerous sources including Reuters, the company’s valuation is now $150 billion.
WHY RAISE $14 BILLION FROM INVESTORS?
The company said it plans to use this historic $14 billion Series C funding round to speed up Alipay’s international plans, and to develop technology to serve underbanked consumers and small enterprises. In other words, Ant Financial plans to use these funds to boost blockchain development.
This Series C funding round was raised through a collective of high profile investors, including:
- Temasek Holdings
- Silver Lake
- And other large investors
The Wall Street Journal reported the following breakdown of investment funds:
- $11 billion were raised in USD
- $3 billion were in RMB
- Investments ranged between $200 million to $500 million.
ALIBABA AND THE BLOCKCHAIN
Jack Ma has publicly shared that he’s been researching blockchain for years and he believes strongly in its potential to address issues of data privacy and security for society at all levels – governments, corporations and individuals. He stressed that security is a top priority for him and Alibaba which reported $39.9 billion in 2018 and has a trading volume of “trillions of transactions.”
“I don’t know about Bitcoin at all. I’m particularly puzzled. Even if it can really work, the rules of global trade and the financial system will be completely changed. I don’t think we are ready. So I’m still paying attention to Alipay… to the US dollar, and the euro. We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don’t care about Bitcoin.”
In a Wall Street Journal report, Ant Financial mentioned it would keep working on developing blockchain solutions, saying, “The Company will continue to invest in developing its blockchain, AI, security, IoT, and computing capabilities to upgrade its global technology platform for the next generation.”
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“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”
Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.