Beijing Snowball Finance Information Technology, a China-based cross-border investment data provider backed by corporates Ant Group and Renren, has closed a $120m series E round, DealStreetAsia reported today.
The entirety of the funding was supplied by private equity firm Orchid Asia Group, according to a company statement cited by DealStreetAsia. Investment bank UBS Group facilitated the deal.
Also known as Xueqiu, Snowball operates an online platform that offers information on cross-border markets in real time, together with analysis and networks that enable users to invest in overseas funds, bonds, trusts and cryptocurrency.
The series E proceeds have been earmarked for the further development of Snowball’s online wealth management service, in addition to increasing headcount and strengthening its overall product offering.
Financial technology and services provider Ant Group was among the participants in the company’s last funding round, a $120m series D in mid-2018.
Social media company Renren led Snowball’s $40m series C round in 2014, investing with Sequoia Capital and 5Y Capital (then Morningside Capital). It had previously received $3.2m in series A funding from Sequoia in 2011, and $10m in a Sequoia and 5Y Capital-backed series B round two years later.
