Ant Financial, an affiliate company of Chinese Alibaba Group, has raised around $14 billion in Series C equity financing round.

Formerly known as Alipay, Ant Financial said that the amount will be used to accelerate its global expansion plans and technology development. It aims to enhance its ability to deliver inclusive financial services to unbanked and under-banked consumers and small enterprises globally. In addition, the capital will be used to cultivate high-tech talent in emerging markets.

"We are dedicated to building an open ecosystem with all our partners in China and beyond. We will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy,” Eric Jing, Executive Chairman and CEO of Ant Financial, said.

In particular, Ant Financial said that it will continue to invest in developing its blockchain, AI, security, IoT, and computing capabilities to upgrade its global technology platform for the next generation.

Back in 2016, Ant Financial tapped into blockchain potential in a bid to bring transparency in its donation service. Alibaba, on the other hand, is spearheading a blockchain pilot aimed at improving supply chain traceability.