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Ant Financial, the financial tech affiliate of China's Alibaba Group, has raised $14 billion in Series C funding.
Why it matters: This is the largest single fundraise ever for a private company, and severely strains the terminology limits of "venture capital."
- The round includes an RMB tranche for Chinese investors and a US dollar tranche for other investors.
- Investors in the dollar tranche include GIC, Khazanah Nasional Berhad, Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, Temasek, General Atlantic, T. Rowe Price, The Carlyle Group, Janchor Partners, Discovery Capital Management, Baillie Gifford and Primavera Capital.
Bottom line from Bloomberg's Lulu Yilun Chen: Ant Financial "is already China’s biggest online payments service and controls the world’s largest money market fund as it moves deeper into areas from consumer lending to credit scoring."