That’s according to a report Wednesday (Jan. 7) from The Information, which notes that Ant Group’s Ant International business is thriving, thanks in part to a digital wallet arm that could one day challenge Visa and Mastercard.
A source with direct knowledge of the company’s finances told the publication that Ant International increased revenue between 20% and 25% last year to an estimated $3.7 billion, roughly 10% of its parent company’s overall 2025 revenue.
In 2019, when the company last revealed full-year financials, the international arm had less than $1 billion in revenue, the report added.
Investors are hoping Ant could take Ant International Public, The Information said, with the company setting the stage for an initial public offering (IPO) by restructuring in 2024.
The report notes that Ant International’s valuation would likely be in the tens of billions of dollars, considering the trading prices for Visa and Mastercard. That’s considerably less than the $315 billion valuation from Ant Group’s potential IPO in 2020, which was ultimately quashed by the Chinese government, the Information added.
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Asked about the possibility of an IPO, Douglas Feagin, president of Ant International, told The Information the company was “focused on driving our business, and we don’t have anything to share about that now.”
The success of Ant International’s digital wallet business follows a year in which those wallets became “the interface through which money moves, not just how purchases are completed,” as PYMNTS wrote last week.
The worldwide embrace of mobile wallets grew stronger in 2025 not because consumers did away with cards or bank accounts, but because they changed the way they accessed them. Research by PYMNTS Intelligence found that mobile wallets power 35% of online transactions and 21% of in-store purchases in 11 countries, representing upwards of half of global gross domestic product (GDP).
“In markets such as Japan and Singapore, where QR codes, real-time rails and mobile-first behaviors are already deeply embedded, wallets have become a natural extension of everyday commerce rather than a novel alternative,” PYMNTS wrote. “Elsewhere, including Europe and the U.S., wallets are gaining ground more gradually, serving as a faster, biometric-secured interface layered on top of familiar funding sources rather than a replacement for them.”
