Ant Group has enjoyed strong revenue growth, and it's targeting a public listing to raise funds to fuel further expansion across financial services
, which owns one-third of Ant Group, and it has grown rapidly since. Its current incarnation, initially called Ant Financial but recently rebranded to Ant Group, was formed in 2014, marking its expansion from China's largest digital payments provider into a broader push into fintech services.
Ant Group provides a dual offering under its super app, AliPay: digital payments services and its B2B digital fintech offering. The fintech's less mature B2B offering, which allows financial institutions to access its platform to distribute credit, insurance, and investment products to Ant Group's substantial customer base, is the faster-growing part of the business.
The combined credit, insurance, and investment services made up 56.2% of its 2019 revenues, up from 44.3% in 2017. Ant Group has signaled its intention to raise funds to expand its user base, fuel research and development, and increase spend on cross-border payments. Ant Group's large user base, growing revenues, and ability to turn a large profit will likely make its listing a success in terms of capital raised. Ant Group has over 1 billion active annual users of its AliPay app and has already commanded $10.5 billion in revenues for H1 2020, marking a $2.9 billion year-over-year increase, per the filing.
Moreover, Ant Group turned a profit of $2.5 billion in 2019 and has already generated over $3 billion in profit during H1 2020. The combination of these factors will likely see Ant Group raise the capital it desires to further grow its financial services offerings.Join other Insider Intelligence clients who receive this Briefing, along with other Fintech forecasts, briefings, charts, and research reports to their inboxes each day.
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