Alibaba Finance Arm Is Valued Above $40 Billion in Latest Funding Round

Alibaba Group Holding Ltd.’s finance affiliate, which runs China’s biggest online payments business, closed a private placement valuing the unit at more than $40 billion, according to two people familiar with the matter.

Zhejiang Ant Small & Micro Financial Services Group Co. also will open an Internet bank, called MYbank, on June 25, the people said, asking not to be identified because the details are private. Ant Financial is controlled by Alibaba Chairman Jack Ma.