Alipay owner Ant Financial raised $10 billion in its latest funding round and will now seek a further $2 billion from investors in China, ahead of an IPO later this year, Bloomberg reported.

The company had been widely expected to raise $9 billion from investors in its round ended this week, which was targeted primarily at companies outside of China. According to Reuters those taking part included Singapore fund GIC and US company Warburg Pincus.

Ant Financial has not publicly revealed what the new cash would be used for, but has made a number of strategic investments and deals in recent months to expand its scope.

On the mobile payments side, it inked a number of agreements with partners in target markets in addition to signing-up with retailers around the world to expand acceptance for Alipay.

Its other interests include general financial technology and investment products.

Ant Financial is widely expected to IPO later this year, with estimates in the financial press estimating the company’s value at $150 billion.