Ant International raises $1.2 billion in global expansion push

HONG KONG, July ‌21 (Reuters) - Ant ​International, ​an overseas affiliate of the Jack Ma-founded Chinese fintech firm Ant Group, ‌has raised $1.2 billion in its latest equity ⁠fundraising as it seeks to expand.

Affiliates Ant Group ‌and Alibaba Group participated ‌in the private funding round, the company said on Tuesday, without disclosing the size ​of their commitment.

Ant International plans to accelerate its expansion in the merchant payment business, ⁠account management and other financial services for enterprises globally.

The Singapore-based ​firm is a digital payments and fintech firm that was spun out of ​China's Ant Group as ‌an independently operated company in 2024.

Prior to the funding round, Ant ⁠International was valued at $10 billion, Reuters reported last month, citing a source.

Chinese regulators suspended the group's ⁠planned listing in 2020 just before its debut, leading ​to Ma giving up control of Ant Group.

Ant International, which mainly operates in Asia, Europe, the Middle East ‌and Latin America, is connected to banks, card organizations, mobile payment ‌and tech firms, through which it says ⁠it covers 150 million ‌merchants and 2 ​billion user accounts.

(Reporting by Selena Li; Editing by Christopher Cushing and Christian ‌Schmollinger)

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