The company controlled by Alibaba Group Holding Ltd.’s billionaire co-founder Jack Ma posted 9.18 billion yuan ($1.4 billion) in pretax profit in the year ended March, according to Bloomberg calculations from Alibaba’s earnings report on Wednesday.

Ant Financial is in the process of raising at least $10 billion at a $150 billion valuation. That would make it the largest tech private funding round on record, paving the way for the IPO of a business that oversees everything from payments to wealth management with 870 million annual active users globally.

Since starting as Alipay in 2004, Ant Financial has grown into an online giant that oversees the world’s biggest money market fund and handles more than 15 trillion yuan of mobile payments every three months. The company is ramping up assets overseas via deals in India and Thailand.

Alibaba is entitled to 37.5 percent of Ant Financial’s pretax earnings based on a deal the two struck in the run-up to Alibaba’s 2014 IPO. Ant Financial paid the e-commerce giant about 3.4 billion yuan in royalty and technology fees in fiscal 2018, according to Alibaba’s filing.