The company is now valued at around USD 60 billion, forbes.com reports.
According to Ant Financial, this round of funding will expand financial services in China`s rural areas. In rural China, Ant Financial provides payment, insurance and wealth management services to over 140 million users. As of the end of March 2016, MyBank, established by Ant Financial in June 2015, and Ant Micro Loan had collectively provided micro loans to over 20 million small and micro businesses and individual entrepreneurs.
The company also added that the capital raised in the Series B round will be invested partly in further development of the company`s cloud computing infrastructure and biometric verification technologies.
China Investment Corp Capital and CCB Trust participated in the funding round as new strategic investors. They were joined by existing Ant Financial shareholders, including China Life and other Chinese insurance companies, China Post Group, China Development Bank Capital and Primavera Capital Group.
Ant Financial has an active base of 450 million people and the company has already started to expand out of China into India, where it has teamed up with Paytm.
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