Ant Financial Enters “Advanced Talks” for Acquisition of London Fintech Firm World First

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Ant Financial is pursuing the largest ever acquisition of a UK-based fintech concern by a Chinese financial company.

Ant Financial is currently in “advanced talks” to acquire London-based fintech company World First for $700 million according to sources speaking to Sky News,¬†who expect the deal to be completed within a matter of weeks.

World First is one of the world’s fastest growing fintech companies, offering foreign exchange and hedging services to both businesses and individuals.

The company has transferred over $76 billion for customers since it was first established in a London basement in 2004 by co-founders Jonathan Quin and Nick Robinson.

As part of efforts to expand abroad World First has applied for a license to become one of the first foreign firms permitted to operate in the Chinese fintech sector.

Alibaba-affiliate Ant Financial is the world’s largest fintech concern as well as the world’s most highly valued privately held company, with a valuation of around $150 billion in the wake of a June funding round that raised nearly $14 billion.

The company rose to prominence via the Alipay payments platform first developed by Alibaba, which holds a stake of approximately 33% in Ant Financial.

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