Ant Financial struck a deal to buy UK-based international remittance company WorldFirst, a move which heralds a major step in its attempts to expand its influence in Europe.

The terms and cost of the deal were undisclosed, however in December 2018 Financial Times revealed Alipay parent Ant Financial was mulling a bid of around $700 million.

In a letter to customers, WorldFirst CEO Jonathan Quin said the UK company would continue to operate as normal and will be run as an independent subsidiary.

Ant Financial executives have made several statements over the last year outlining plans for global expansion, with a number of partner deals already in place around the world.

Although Ant Financial has a number of deals in place with retailers for Alipay acceptance in Europe, this acquisition will be seen as giving the company an important physical foothold in the continent.

The deal is its first major acquisition bid outside of Asia since an attempt to buy US remittance company MoneyGram fell through in January 2018 when it became clear the deal would not clear US foreign investment authorities.