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Ant Financial buys US-based money-transfer company for US$880 million

Kevin McSpadden, reporting for E27;

Ant Financial, the Jack Ma-owned fintech company, has acquired the US-based money transfer service Moneygram in a deal worth about US$880 million.

The acquisition marks a significant step into the Western market for Ant, which has never acquired a US-listed company. Ant was spun off from Alibaba ahead of the e-commerce giant’s IPO in 2014 and has grown into the most dominant fintech company in Asia.

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