Ant Financials Services Group, which is founded by Alibaba Group Holding Ltd(NYSE:BABA) founder, is in early stage talk with banks to raise between $2-$3 billion in debt to fund the international expansion.

Banks also showed interest to enable the group to raise funds mostly through loans which the company would intend to use the same for funding its acquisition of MoneyGram International Inc as well as for boosting existing investments.  Ant has mentioned in the last month, that it is planning to acquire U.S money transfer company MoneyGram for about $880 million.Ant Financials Services has also invested in Indian mobile payment and e-commerce webite Paytm and Thai financial technology firm Ascend Money. The company is focused on widening its scope of business and expands its market reach. The acquisition would strengthened it position as the company has been on a drive to internationalize over the past year expanding into Europe, the U.S and other parts of Asia.

                                                                                                                                                                                                                                                                                                                                                                                                                                          Ant Financials Services is an affiliate of online shopping giant Alibaba Group that enables individuals and businesses to execute payments online in a secure manner. Ant Financials Services currently has a valuation of around $60 billion after a $4.5 billion funding round last April. These funds were raised in renminbi from a number of Chinese investors including Chineses sovereign wealth fund and the country’s biggest insurers. The company is also planning for an initial public offering in 2017. The company is raising  $2-$3 billion funds in dollars rather than renminbi so it can fund the $880 million purchase of U. S. payment firm MoneyGram as well as other international companies.

Ant Financial has 450 million users for its Alipay payment services and the company is making concerted efforts to expand its presence overseas as competition from domestic rival Tencent Holdings Ltd ‘s Wechat payment system heats up at home.

In September 2016, Ant Financials Services has acquired EyeVerify.  Alibaba has invested USD 200 million into Paytm’s online marketplace business, thus raising the valuation of the Indian payment processor’s business at no less than USD 1 billion. The funding round would take the stake of Alibaba and Ant Financial in Paytm E-Commerce, an entity newly created by One97 Communication LTd to house the online retail business to more than 50% from 42%. The company has decided to increase the stake in Paytm for its e-commerce ambitions to play out in India.