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Chinese e-commerce giant Alibaba Group Holding Ltd’s (BABA.N) arm, Ant Financial Services Group, is seeking a valuation of nearly $60 billion in its current round of funding, a person familiar with the matter said.
Ant Financial, which operates the “Alipay” online payment platform, is in talks to raise funds from existing and new investors, which could include CCB International, the person said on Monday.
The Wall Street Journal reported earlier on Monday that Ant Financial planned to raise up to 20 billion yuan ($3.07 billion), pegging its valuation at nearly $50 billion.
The latest round of funding is expected to be completed by mid-April, the Journal reported.
Alibaba and Ant Financial were not immediately available for comment.