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Rethinking the Firm

In June 2018, a record $14 billion fundraising and $150 billion valuation made Ant Financial1 the largest financial technology (fintech) firm and the most valuable unicorn in the world.2 Spun out from Alibaba only four years earlier, Ant Financial was already worth more than either American Express or Goldman Sachs.3

Based in Hangzhou, China, Ant Financial expanded in only a few years to deliver an unprecedented range of services to more than 700 million users and more than 10 million small and medium enterprises. Ant Financial flourished initially by focusing on financial inclusiveness, offering a comprehensive suite of products to underserved consumers and businesses in China. Ant Financial gradually expanded to ...

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