Alibaba affiliate Ant Financial closes $4.5 billion funding round

China’s biggest e-commerce company Alibaba Group Holding Ltd’s affiliate Ant Financial Services Group has closed a $4.5 billion funding round, paving the way for a long-expected initial public offering (IPO). China Investment Corp Capital and CCB Trust, a subsidiary of China Construction Bank Corp , participated in the Series B fundraising, Ant Financial said in a statement on Tuesday. Ant Financial did not disclose what its valuation was after the round closed, but a person familiar with the fundraising said it is now valued at close to $60 billion.

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