STREAMING NOW: Watch Now

Jack Ma's online payments firm is now worth more than Goldman Sachs

Chinese tycoon Jack Ma's online payments company just raised a huge pile of cash from investors.Ant Financial ...

Posted: Jun 8, 2018 11:34 AM
Updated: Jun 8, 2018 11:34 AM

Chinese tycoon Jack Ma's online payments company just raised a huge pile of cash from investors.

Ant Financial said in a statement Friday that it has brought in $14 billion from Chinese and foreign investors. It plans to use the money to step up the development of new technologies and its global expansion.

Best known for its mobile payment platform, Alipay, Ant is battling Tencent's WeChat Pay to be the platform of choice for hundreds of millions of Chinese shoppers.

In China, many consumers use payment apps on their smartphones to buy goods ranging from computers to street food.

Related: China wants its top tech firms to bring their shares back home

The fundraising implies a valuation of at least $150 billion, according to a source familiar with the company. That's more than the market capitalization of Goldman Sachs.

Ant is reportedly preparing to go public in the coming year. It is an affiliate of Ma's online shopping giant Alibaba, which was valued at $168 billion when it listed on the New York Stock exchange in 2014.

Some of the new investors in Ant's latest funding round include heavyweights like US private equity firm the Carlyle Group and Singapore sovereign wealth funds GIC and Temasek.

Related: Alibaba is pouring billions into the food delivery business

Ant -- which also has a money market fund app and a credit-scoring business -- has been expanding its payments services around the world.

In the year through March 31, Alipay and its partners had 870 million annual active users globally, Ant said Friday. Its profits jumped by about 65% in its most recent financial year.

But the company recently suffered a setback in its efforts to increase its presence in the United States.

The company walked away from its bid to buy MoneyGram after the deal failed to get approval from the Committee on Foreign Investment in the United States. US lawmakers had criticized the takeover, saying it would allow the Chinese government to gain access to US financial markets.

Ant said at the time that the company is "neither owned nor controlled by the Chinese government."

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 156868

Reported Deaths: 3851
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
Out of AL00
Unassigned00
Tupelo
Clear
41° wxIcon
Hi: 58° Lo: 33°
Feels Like: 36°
Columbus
Clear
39° wxIcon
Hi: 57° Lo: 31°
Feels Like: 39°
Oxford
Clear
41° wxIcon
Hi: 55° Lo: 33°
Feels Like: 41°
Starkville
Clear
32° wxIcon
Hi: 56° Lo: 30°
Feels Like: 32°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather