It’s the biggest ever fundraising for a private Internet company. China’s biggest e-commerce company Alibaba Group Holding’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, 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. The Alibaba BABA 0.71% affiliate’s latest fundraising is the biggest ever for a private Internet company. But the company is also much older than its fundraising peers, and is only now gearing up for an IPO after 12 years and a rebranding in 2014.

http://fortune.com/2016/04/26/alibaba-ant-financial-funding/