Ant International, an overseas affiliate of the Jack Ma-founded Chinese fintech firm Ant Group, has raised $1.2 billion in its latest equity fundraising as it seeks to expand.

Affiliates Ant Group and Alibaba Group participated in the private funding round, the company said on Tuesday, without disclosing the size of their commitment.

Ant International plans to accelerate its expansion in the merchant payment business, account management and other financial services for enterprises globally.

The Singapore-based firm is a digital payments and fintech firm that was spun out of China's Ant Group as an independently operated ⁠company in 2024.

Prior to the funding round, Ant International was valued at $10 billion, Reuters reported last month, citing a source.

Chinese regulators suspended the group's planned listing in 2020 just before its debut, leading to Ma giving up control of Ant Group.

Ant International, which mainly operates in Asia, Europe, the Middle East and Latin America, is connected to banks, card organizations, mobile payment and tech firms, through which it says it covers 150 million merchants and 2 billion user accounts.