Brief: Alibaba Affiliate Ant Financial Announces Second Pre-IPO Funding Round

On Monday, Alibaba’s financial affiliate Ant Financial announced that it is planning to launch a second pre-IPO funding round.

Ant FortuneAccording to Wall Street Journal, A spokeswoman for Ant Financial, stated that the company currently doesn’t have a timetable for an initial public offering. She declined to give a fundraising sum or the company’s expected valuation. She also noted that the funding would be denominated in Chinese yuan., which would make it easier for the company to list the company in mainland China.

Ant Financial completed its initial round this past summer and raised 12 billion yuan ($1.9 billion). Following the pre-IPO funding round, Alibaba announced Ant Financial unveiled an integrated wealth management app designed to provide Chinese consumers with “simpler access” to the company’s growing number of financial services. The Ant Fortune app integrates Ant Financial’s popular money market fund, Yu’e Bao, and thousands of products available through Zhao Cai Bao, a peer to peer lending platform.Between Yu’e Bao and Zhao Cai Bao, Ant has over 200 milllion users.

Between Yu’e Bao and Zhao Cai Bao, Ant has over 200 milllion users.

 

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