April 26, 2016Blog Posts

Alibaba Financial Affiliate Raises $4.5 Billion

The New York Times

An online payment affiliate of Alibaba Group, the Chinese e-commerce giant, said on Tuesday that it had raised $4.5 billion from investors in an indication of its larger ambitions. The affiliate, called Ant Financial, is one of the world’s largest electronic-payments companies by virtue of Alipay, a payment service resembling PayPal that is commonly used in China. Like Alibaba, it is controlled by Jack Ma, one of China’s richest men.

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