Alibaba conglomerated, Art Financial Services Group, has raised $4.5 billion in Series B funding. Art Financial, now valued at about $60 billion, is one of the world’s largest online financial services company.

E-commerce giant, Alibaba’s Art financial hits a new record. Art financial Services group is now valued at $60 billion with $4.5 billion funds in its pocket. Art Financial has raised this amount in the world’s largest Private Tech Investment round. The previous company to raise largest private equity fund was another Chinese company called Meituan-Dianping, which raised $3.3 billion in January this year.

Ant Financial was established in 2014, which operates China’s biggest online payment platform, Alipay. It also controls China’s largest online money market fund Yu’e Bao and an online bank, MYBank. Company majorly focuses on the growth in China, with some lump sum investments in Indian markets via Paytm, a mobile payment app.

Services provided by Ant Financial comes under FinTech, which is a contemporary term used to define the modern internet based solutions rather than manual commerce and banking practices. FinTech companies are mostly subjected to controversy, yet there massive growth and influx of investments can be witnessed in these companies.

Takeaways:

• Art Financial, now valued at about $60 billion, is one of the world’s largest online financial services company.
• Art Financial operates Alipay, Yu’e Bao and MYBank, the most famous financial services platforms in China.
• FinTech companies are mostly subjected to controversy, yet there massive growth and influx of investments can be witnessed in these companies.