Ant Financial Services Group, a fintech company affiliated to China’s Alibaba Group, has raised nearly $14bn to support its expansion and develop new technologies.

In a statement, Ant Financial stated that the funding included US dollar and Chinese Yuan tranches.

The dollar share saw the participation of GIC, Temasek Holdings, Warburg Pincus and Canada Pension Plan Investment Board, while the Yuan section was largely dominated by its existing investors including Boyu Capital.

The dollar share is nearly $10bn of the total funding, sources familiar with the matter told Reuters.

Although Ant Financial did not reveal its valuation, it is expected to be valued around $150bn.

The new funds will be utilised to support the company’s globalisation plans and expand the usage of its Alipay payment platform to new regions.

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The company also intends to invest in new financial technology with the funding.

In five years, Ant estimates that revenue from business-oriented financial technology including assisting banks and other entities will touch 65%, reported the news agency.

Furthermore, it aims to increase the number of customers to two billion globally in the following years.

Besides payments, Ant Financial provides various financial services such as micro-loans, credit and wealth management.