Alipay parent Ant Financial disclosed it has 622 million users across its financial services platforms in a document sent to potential investors ahead of its latest funding round, Financial Times reported.
The figure, much higher than the 520 million figure on its website, was revealed in advance of a planned $9 billion funding round. Ant Financial is also widely expected to open an IPO in 2019, with a company valuation of $150 million estimated by The Wall Street Journal.
Ant Financial’s Alipay is one of the two dominant mobile payment apps in China – the world’s largest market for the technology – sharing leadership with brands operated by WeChat owner Tencent.
Alipay transactions are available across China and in a number of other countries through agreements with retailers and operators, where the service is primarily marketed at travellers from mainland China.
In addition to its popular mobile payments platform, Ant Financial also operates wealth management app Ant Fortune, online bank MYbank, and credit scoring service Zhima Credit.
Together with affiliate Alibaba, Ant Financial has invested in a number of other mobile payment and finance technology companies around the world. In 2017 the company made a bold bid to acquire US remittance company Moneygram for $1.2 billion, a deal abandoned after it became clear the transaction would not get through US authorities.