China’s Ant Financial announced Friday that it raised around $14 billion in fresh funds from investors.

The company, which was spun off from Alibaba, is a major player in China’s massive financial technology landscape. It operates one of the country’s largest payments platform, Alipay.

Ant Financial said it has entered into definitive agreements with domestic and international investors. Those include Singapore’s Temasek Holdings, GIC, private equity firm Silver Lake, Canada Pension Plan Investment Board and the Malaysian government’s strategic investment fund, Khazanah Nasional Berhad.

The funds would be used to speed up Alipay’s international plans and to develop technology for financial services to serve unbanked and underbanked consumers and small enterprises, as well as to hire talent in emerging markets, the company said.

Ant Financial is shifting its main focus to technology services and away from payments and consumer finance as Beijing’s crackdown on financial risk deepens, Reuters reported earlier this month, citing four sources with knowledge of the matter.

Source: cnbc china
China's Ant Financial raises billion in new funds