The consumer finance company owned by China's Ant Group is raising the equivalent of $616 million in new funding from existing shareholders and a new investor.
Chongqing Ant Consumer Finance raised about $1.5bn from state and private investors less than a year ago. Established in 2021, Ant Xiaojin is the personal loan business unit of Ant Group.
A shareholder of the company said Thursday that the new funding would increase its registered capital to about $3.1 billion. The extra money will help Ant Xiaojin make more loans to Chinese consumers.
Ant Group will own 50 percent of the company, along with 12 other investors, including Chinese tech company Netease Inc and electronic parts maker Sunny Optical Technology Co LTD. Sunny Optical Technology). The latest shareholder is a state-owned company in Chongqing.
Ant Group is one-third owned by Chinese Internet giant Alibaba Group Holding LTD., which operates the popular Alipay mobile payment network.