Alibaba’s Ant Financial buys 20 percent of data firm for $35 million

Chinese e-commerce firm Alibaba Group Holding Ltd’s affiliate Ant Financial has bought a fifth of financial data provider Shanghai Suntime Information Technology for around $35 million, a source with direct knowledge of the deal said.

“The acquisition will provide Ant Financial with good financial products so that it can attract more clients,” the source told Reuters on Friday.

Ant Financial Services Group, valued at close to $60 billion, offers services like online payment, wealth management products and insurance. Its core Alipay online payment business was founded in 2004.

The Alibaba affiliate closed a $4.5 billion funding round in April.

Ant Financial and Shanghai Suntime, which was founded in 2003, were not immediately available for comment on Friday, a public holiday in China. The source was not authorized to speak to media and therefore declined to be identified.

Source: Reuters