Alipay parent Ant Financial is tipped to raise $9 billion in its latest investment round, a figure which would value the company at $150 billion – more than both PayPal and Goldman Sachs, The Wall Street Journal reported.

The company is expected to raise the funds from private investors ahead of a planned IPO later this year, the publication added. Reports in February suggested Ant Financial was likely to raise around $5 billion in its next funding round.

In addition to continuing its dominance of the Chinese mobile payments market, alongside rival WeChat Pay, the company embarked on a period of rapid expansion into retailers overseas during the last year as it seeks to become the main processor for payments made by Chinese nationals outside of the mainland.

Speculation on the level of funding the company expects to receive comes amid reports in the Chinese press Ant Financial executive chair Lucy Peng had stepped down to take a broader role with affiliate Lazada. She will be replaced by CEO Eric Jing.

Prior to Peng’s appointment as chair of Ant Financial, she served as CEO of the company, and was previously CEO of Alipay before the creation of now parent company Ant Financial.