(Reuters) — Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company.

The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early as next year — though the company has neither publicly set a timetable nor chosen a likely stock exchange.

The exercise amounted to the largest confirmed single fundraising round in history, according to data provider Crunchbase.

Ant Financial, spun off from Alibaba before the e-commerce firm’s 2014 listing, has played a major role in shaping China’s financial technology landscape. It oversees the largest mobile payment app in what is increasingly becoming a cash-less society.

In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches. The dollar share made up over $10 billion, said people with knowledge of the matter.

Ant listed Singaporean sovereign wealth fund (SWF) GIC Pte and state investor Temasek Holdings (Private) as well as U.S. private equity firm Warburg Pincus LLC as participants in the dollar tranche.

Other global investors included Malaysian SWF Khazanah Nasional Bhd, Canada Pension Plan Investment Board and U.S. private equity firms Silver Lake and General Atlantic, it said.

Ant did not release details of its valuation following the funding round. Reuters reported earlier that Ant was likely to be valued at around $150 billion, making it one of the world’s most valuable…

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