Alibaba’s financial affiliate Ant Financial announced that it has entered into definitive agreements with investors for its Series C equity financing totaling approximately $14 billion, making a new world record for private fundraising.

Although the company did not disclose the valuation, a previous report from the  Wall Street Journal report suggested that the round could be raised at up to $150 billion mark. The current massive funding sparks more speculation about the company’s much-anticipated IPO.

This financing round includes an RMB tranche raised by Ant Financial mainly from existing domestic investors. A separate USD tranche is raised by its wholly owned offshore subsidiary Ant International from a group of leading global institutional investors such as GIC, Khazanah Nasional Berhad, Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, Temasek, General Atlantic.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.