Ant Financial, an affiliate of Chinese tech giant Alibaba, is raising $3 billion in debt financing to finance new acquisitions, according to multiple reports. The news comes just weeks after Ant Financial agreed to buy Dallas-based money transfer service MoneyGram for $880 million.
Why it matters: Ant Financial is building a bankroll to become one of the world's largest payment and financial services players, and raising debt in dollars suggests that MoneyGram may be only the beginning of its U.S. ambitions.
Add it to the collection: Ant Financial already has Chinese payment services Alipay and MyBank, plus Paytm in India and Ascend Money in Southeast Asia.