Jack Ma's Ant Financial plans to raise about $1 billion for start-ups

Billionaire Jack Ma’s Ant Financial is planning to raise about $1 billion for a fund that will invest in start-ups from Southeast Asia to India and help strengthen its foothold in fast-growing mobile internet markets, a source said.

The firm is looking to back more start-ups in those regions that focus on payments and online finance, the person said, confirming a DealStreet Asia report. Ant Financial V-P Ji Gang told attendees at a conference that his firm was looking to raise a fund, but didn’t specify the amount. Ant Financial declined to comment.