Ant Financial, the Internet financial affiliate of Alibaba Group, plans to raise CNY20 billion, which is about USD3.1 billion, in a new round of financing, which values the company at over USD50 billion.

This new round of financing is expected to complete in mid-April 2016.

The new financing will further enhance the financial power of Ant Financial and help promote its stake acquisition plan. The company recently acquired stakes in various companies, including Hong Kong-listed lottery operator AGTech and Postal Savings Bank of China.

In addition, the new financing will lay a foundation for the future IPO of Ant Financial. Bankers predicted that Ant Financial may launch its IPO in 2017 at the earliest.

Goldman Sachs, JPMorgan, and China International Capital Corporation Limited are the consultants for this round of financing of Ant Financial.