Billionaire Jack Ma’s Ant Financial is lifting its fundraising target to more than $12 billion by bringing in existing Chinese shareholders in a yuan-denominated financing round, people familiar with the matter said.

The online financial services giant is shooting for at least $2 billion of additional funding in a yuan round that lets Chinese investors participate, the people said, asking not to be named because the matter is private. That will come on top of a recent $10 billion round that valued Ant Financial at $150 billion and targeted overseas investors such as Warburg Pincus and Temasek Holdings Pte, the people said. Ant’s existing backers including sovereign wealth fund China Investment Corp. are considering taking part in the yuan financing, they added.

The original $10 billion funding, which Bloomberg News reported earlier, has attracted investors including Carlyle Group and the Canada Pension Plan Investment Board. A $150 billion valuation would make Ant the world’s largest fintech firm and equip it with enormous resources for expansion. And it heralds…