Ant Financial's previous fund-raising round, which was held last year, included China's national social security fund and an arm of the China Development Bank. In a move that could further endear the company to Chinese officials, Mr. Ma has said he hopes to take Ant Financial public in China. China's markets have been turbulent in recent months and investors have experienced losses. Alibaba has not disclosed timing, and the fund-raising on Tuesday suggests it could have enough money to take its time selling shares to the public. Still, if Ant Financial follows through on the plan, it would be one of the biggest initial public offerings since that of Alibaba itself, which raised nearly $22 billion in 2014 in the biggest public offering on record. In its statement on Tuesday, Ant Financial said it would use the money it had raised to support its global expansion and would also continue its work to connect people in rural China with its payment, loan and banking services.