Alipay's operating company Ant Financial announced on Tuesday that it has received a staggering $4.5 billion in series B funding. The latest funding has propelled valuation of Ant Financial, which is affiliated to E Commerce giant Alibaba, to $60 billion.

This is more than the valuation of Alipay's rival Paypal with $45 billion.

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Ant Financial's latest funding is the largest financial investment received by any tech company to date, surpassing $3 billion investment received by ride hailing company Didi Kuaidi a few months back. The company will use the capital to fuel growth in several untapped markets.

"The capital raised in Series B will allow us to invest in the infrastructure, such as cloud computing and risk control, that will underpin our long-term growth in rural and international markets," said Eric Jing, president of Ant Financial.

Ant Financial was spun off from Alibaba as a separate unaffiliated financial entity but continues to maintain a strong tie with its parent company. Alibaba's founder Jack Ma has voting rights on Ant Financial's board.

Ant Financial offers a host of financial services through its various unique services like Yu'ebao, Mybank and Sesame Credit. However, the most priced asset in its portfolio is Alipay, China's most popular third party payment services boasting daily transactions of 175 million.

Alipay's astounding success has left arch rival Paypal struggling in the lucrative Chinese market. In 2013, Alipay with transaction of $150 billion comfortably overtook Paypal to become world's largest mobile payment platform.

TagsAlipay, Ant Financial, PayPal