The financing is made up of two tranches: one in USD and one in RMB, a Chinese currency. Investors in the USD portion include The Carlyle Group, Warburg Pincus, Temasek, T. Rowe Price and General Atlantic. Ant Financial said the Chinese backers are all among the company's current investors, which include the National Social Security Fund, one of the country's largest pension funds.
Ant Financial is calling the funding round a Series C, but it's far from a traditional Series C, just as the company is far from a traditional venture-backed business. Ant Financial spun out of Chinese ecommerce giant Alibaba back in 2014 as an online payment provider. At that time, Alibaba was close to conducting its $168 billion IPO, which still ranks as one of the largest public offerings in history. When Ant Financial raised its first round of outside funding in 2015, Alibaba still owned nearly 40% of the company, per reports. The corporate backing differentiates Ant Financial from other venture-backed businesses, as not many startups have the financial support of one of the most valuable companies in the world.
To highlight the extreme discrepancy between Ant Financial's funding round amounts and those of other companies around the world, we've pulled data from the PitchBook Platform. The charts below show estimated round amounts and valuations for Ant Financial's Series A, Series B and Series C financings, plus global medians for the years in which the company raised those rounds.