Alibaba financial affiliate raises $4.5b

The internet financial services affiliate of e-commerce conglomerate Alibaba Group Holding Ltd announced on Tuesday that it has raised a record $4.5 billion in a new round of funding to bankroll its global expansion.

Ant Financial Service Group, which operates China's largest online payment service Alipay, said in a statement that the funding marked the largest ever single private placement by an internet company.

Ant Financial aims to provide equal access to financial services, namely payments, wealth management, micro loans and insurance, globally.