Ant Group may not be a household name in most of the world, but the Chinese fintech behemoth controlled by Jack Ma has set off an investor frenzy for the history books.
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Ant Group plans to increase the valuation target for its initial public offering to at least $280-billion due to strong demand. That would make it worth more than three times US banking giant Citibank.
Four years after pulling the plug on its M-Pesa platform in South Africa, Vodacom is having another go at fintech and mobile payments in its biggest market, this time in partnership with Chinese’s Ant Financial.
On Monday, Ant Financial Services Group received US$4,5bn in private funding. That sets the Chinese firm’s value at roughly $60bn. It’s the largest funding round for an Internet company in history. Let’s put that number into perspective