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Morning Report:  Alibaba’s financial technology affiliate Ant Financial is raising $9 billion more in funding.

Ant Financial, the financial technology company which houses the widely used Chinese payment service Alipay, is seeking $9 billion in capital ahead of its anticipated IPO . The round may bring the company’s valuation close to $150 billion, making it the most highly valued unicorn with Uber trailing at a mere $68 billion.

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The company is no stranger to fundraising, picking up a round in April 2016. Further, the company has used its funds to make . For example, Ant Financial invested in and acquired . Most recently, the group attempted a $1.2 billion purchase of Moneygram in January which was Its freshly earned valuation and potential IPO could fund future global payment service acquisitions and give the company a leg up in its competition with Tencent’s WeChat pay .

Where Does Alibaba End And Alipay Begin?

Ant Financial, which was originally a subsidiary of Alibaba Group, due to Chinese government regulations regarding financial transactions, according to Alibaba founder Jack Ma. The spin out , which were later resolved.

Alibaba in February that it rearranged its profit relationship with Ant Financial. Alibaba’s original arrangement involved a 37.5 percent piece of Ant Financial’s pretax profit and 2.5 percent of the value of its outstanding loans yearly . The new deal instead gives Alibaba a 33 percent direct equity stake in the company related to Ant Financial.

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