Ant Financial

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Ant Financial Services Group
Native name
Industry Financial services
Payment processor
Genre Financial
Predecessor Alipay
Founded October 16, 2014; 3 years ago (2014-10-16) in Hangzhou, Zhejiang, China
Headquarters Xihu District, Hangzhou, China
Area served
Key people
Lucy Peng
(Executive Chair)
Eric Jing
(Chief Executive Officer)
Cheng Li
(Chief Technology Officer)
Chen Long
(Chief Strategy Officer)
Products Electronic payment processing
Mobile payment
Brands Alipay
Ant Fortune
Sesame Credit
Ant Financial Cloud
Number of employees
Parent Alibaba Group

Ant Financial Services Group (Chinese: 蚂蚁金服), formerly known as Alipay, is an affiliate company of the Chinese Alibaba Group. Ant Financial is the highest valued fintech company in the world, and the world's most valuable unicorn (start-up) company, with a valuation of US$150 billion.[1][2][3]


Alipay was rebranded as Ant Financial Services on 16 October 2014.[4] In 2015, Ant Financial raised $4.5 billion in a funding round with investors such as China Investment Corp (CIC), CCB Trust, China Life, China Post Group, China Development Bank Capital and Primavera Capital Group.[5] In 2015, the company was valued at about $45 billion.[6] As of 26 April 2016, Ant Financial had around 450 million annual active users, with Credit Suisse estimating that 58% of China’s online payment transactions went through Alipay.[6] In September 2016, Ant Financial bought EyeVerify Inc.[7]

By late January 2017, Ant Financial had a valuation of $60 billion.[7] At the time, the Wall Street Journal called Ant "a juggernaut of online banking, fund management and other financial services." Some analysts valued it around $70 billion, and "predict it could soon be worth over $100 billion," above the market capitalization of Goldman Sachs Group at $95 billion.[8] On 26 January 2017, Ant Financial Services Group announced a deal to acquire MoneyGram International for $880 million. After the announcement, Ant's stock rose 8.8%. The deal failed after approval was not granted from the CFIUS.[7][9]

Since roughly 2015, the company has been one of several technology partners in the Chinese government's Social Credit System programme.[citation needed]

In September 2017, Ant Financial announced that it would be forming a joint venture with Sir Li Ka-shing's CK Hutchison Holdings to bring a digital wallet service in Hong Kong.[10]

On 9 June 2018, the company raised around US$14 billion, which the Times of India called "the biggest-ever single fund-raising globally by a private company".[11][12]


It operates Alipay, the world's largest mobile and online payments platform [13] as well as Yu’e Bao, the world's largest money-market fund.[14]It also runs the Sesame Credit credit rating system.[15] As of September 2017, Ant Financial unveiled its facial recognition payment technology through its Alipay services.[16]

In September 2018, the company launched the Ant Financial Technology brand for all of its technology products and services.[17]

Subsidiaries and joint ventures[edit]

The financial company Koubei was created as a joint venture in 2015 by Alibaba and Ant Financial Services Group.[18] As of 26 April 2016, Ant Financial operates the money-market fund Yu’e Bao and the online bank called MYbank.[6]


In 2017, Ant Financial was ranked sixth in Fortune's Change the World list, recognized for the positive environmental impact of Ant Forest, the world's largest platform for tracking individuals' carbon footprints.[19] Ant Forest allows users to collect "energy points" through their actions in the real world that can be used to grow virtual and ultimately real trees, with 230 million users of Alipay activating Ant Forest accounts. Ant Financial and its partners, including environmental NGOs the SEE Foundation and China Green Foundation, have thus far planted 10.25 million trees, equivalent to a 1.22 million-ton reduction in CO2 emissions.[20]


  1. ^ "China's Ant Financial reportedly raises $10 billion at $150 billion valuation". CNBC. Retrieved 2018-06-18. 
  2. ^ Wang, Yue. "Ant Financial Said To Close $150B Funding Round". Forbes. Retrieved 2018-06-18. 
  3. ^ "China's digital-payments giant keeps bank chiefs up at night". The Economist. Retrieved 2018-06-18. 
  4. ^ Shih, Gerry. "Alibaba affiliate Alipay rebranded Ant in new financial services push". Reuters. Retrieved 2018-06-19. 
  5. ^ Russell, Jon (January 27, 2017), Alibaba’s Ant Financial is buying MoneyGram for $880M to expand its global presence, TechCrunch, retrieved January 28, 2016 
  6. ^ a b c 5 Things to Know About China’s Ant Financial, Wall Street Journal, 26 Apr 2016, retrieved January 28, 2016 
  7. ^ a b c Carew, Rick; Demos, Telis (January 26, 2017), China’s Ant Financial, Owned by Trump Ally Jack Ma, Makes U.S. Play, Wall Street Journal, retrieved January 27, 2017 
  8. ^ Reuters (January 26, 2017), Alibaba's Online Payments Arm Is Buying a U.S. Money-Transfer Giant, Fortune, retrieved June 18, 2018 
  9. ^ Roumeliotis, Greg (January 2, 2018). "U.S. shoots down MoneyGram's sale to China's Ant Financial". Reuters. Reuters. 
  10. ^ Ho, Prudence (26 September 2017). "Li Ka-shing, Jack Ma Join Forces to Bring Digital Wallet to Hong Kong". 
  11. ^ "Ant raises $14 billion in largest single mop-up". Economic Times, Times of India. 
  12. ^ "Alibaba's Ant Financial fintech affiliate raises $14 billion to continue its global expansion". TechCrunch. Retrieved 2018-09-20. 
  13. ^ Heggestuen, John. "Alipay Overtakes PayPal As The Largest Mobile Payments Platform In The World". Business Insider. Retrieved 2018-06-18. 
  14. ^ Lucas, Louise. "Chinese money market fund becomes world's biggest". Financial Times. Retrieved 2018-06-18. 
  15. ^ Shu, Catherine. "Data From Alibaba's E-Commerce Sites Is Now Powering A Credit-Scoring Service". TechCrunch. Retrieved 2015-12-22. 
  16. ^ Mullen, Jethro; Wang, Serenitie. "Pay with your face at this KFC in China". CNN Tech. Retrieved 2018-06-18. 
  17. ^ "Ant Financial Group to create one brand across its financial products". The Drum. Retrieved 2018-09-20. 
  18. ^ J. de la MERCED, MICHAEL (January 24, 2017), Hoping to Strike Gold Again, Silver Lake Leads Investment in Koubei, New York: The New York Times 
  19. ^ "Fortune's "Change the World" list". Fortune. 
  20. ^ Wang, Yanfei. "Ant Financial ranked 6th in Fortune environmental list". Retrieved 2018-01-18. 

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