Ant Financial Services Group, an Alibaba affiliate and operator of China’s dominant digital payment service Alipay, agreed to purchase US payments company Moneygram in a deal worth $880 million.
Ant Financial’s acquisition of Moneygram is not its first foray into the US market, having purchased biometric security company EyeVerify in 2016 for an estimated $100 million. But it does reflect the company’s ambition to reproduce Alipay’s success in the US and beyond.
