Alibaba's Payment Affiliate Is Close to Sealing a $3.5 Billion Debt Financing Round

The payment affiliate of China's e-commerce giant Alibaba (BABA) - Get Report has revealed that it is close to sealing a $3.5 billion debt financing round.

Ant Financial is seeking to raise money to fund its international expansion plans, moving into Europe and other parts of Asia. 

Ant Financial had previously only aimed to raise between $2 billion and $2.5 billion, although it is believed that the target has now been altered to $3.5 billion.

Ant Financial is responsible for the popular app Alipay, which has roughly 45 million users in China.

This article was written by a staff member of TheStreet.