Formerly AliPay, Ant Financial Services is a spin-off of China's Alibaba and akin to PayPal in the U.S. The organization has expanded beyond mobile wallet AliPay to include an online lending platform, MYbank, and an investment fund, Yu’e Bao. In 2016, Ant Financial pulled in a $4.5 billion round of funding and acquired face-scanning verification software Eyeverify. The company has 450 million users and processes 58% of all online payments in China. While competitor Tencent has usurped marketshare through the growth of WeChat Pay, Ant Financial remains ahead, due in part to its expansion into new financial products and regions, as well as partnerships with ride-hailing platform Didi Chuxing and food-delivery service Ele.me.
In 2016, Ant Financial invested in a used car dealer, Alibaba’s online ticketing platform, a wealth management company, a food-delivery service, and major fast-food conglomerate Yum!China. The company has made inroads in India by leveraging an existing partnership with Uber, so customers can use both AliPay and Paytm, a company it invested in two years ago, in lieu of a credit card to pay for rides. In Europe, Ant Financial’s agreement with German payment processing terminal Wirecard allowed it to be accepted in some retail shops. It also did wide outreach to merchants, offering them customer data in exchange for accepting AliPay. As it continues to expand outside of China, the company is gearing up to go public in 2017.