Ant International raises $1.2bn for global expansion

Ant International, the overseas affiliate of Chinese fintech firm Ant Group, has secured $1.2 billion in its latest equity fundraising as it pursues global expansion. The company announced on Tuesday that Ant Group and Alibaba Group were participants in the private funding round, though their specific contributions were not disclosed.

The Singapore-based firm intends to use the capital to accelerate its growth in the merchant payment sector, account management, and other financial services tailored for enterprises worldwide. Prior to this fundraising, Ant International was valued at $10 billion, according to a Reuters report last month.

Ant International operates primarily across Asia, Europe, the Middle East, and Latin America. It connects with various financial institutions, card networks, and mobile payment providers, enabling it to serve an estimated 150 million merchants and 2 billion user accounts.