Ant Financial, e-commerce giant Alibaba’s financial arm, has reached an agreement to acquire American money-transfer major MoneyGram for $880 million.
The company owns Alipay, one of China’s biggest online payment platforms and controls the company that manages the country’s largest money market fund, Yu’ebao.
The transaction will connect MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial’s users.
MoneyGram will remain headquartered in Dallas and continue to operate under its existing brand.
The transaction will help expand Ant Financial’s business following its partnering with Paytm in India and Ascend Money in Thailand.
