China-based Snowball Finance, an online investment platform, has reportedly received a $120m Series D investment.
Ant Financial took part in the round as a strategic investor, contributing nearly $100m to the round, according to various reports in the media. The investment valued the company at between $400m and $500m.
With the new line of funds, the company will look to foster product development, improve its trading services and hire new talent. Following this capital injection, Snowball’s total funding efforts have reached $162m, the articles report.
The company operates across four separate investment types which are a stock exchange, investment into Hong Kong and US stocks, fund investment and private placement. Snowball offers a range of regulated investment software, which help consumers and institutions to invest into various opportunities.
Last month, Ant Financial closed its own round of funding, pulling in a colossal $14bn for its Series C. The payments affiliate of China’s Alibaba Group, received contributions from a long list of investors, such as Warburg Pincus, Canada Pension Plan Investment Board, GIC, Temasek, Carlyle, and Silver Lake, to name just a few. The deal reportedly brought the company’s valuation to around $150bn.
Ant Financial’s momentous funding round, is not the only high-calibre pool of capital in the country, highlighting its current attractiveness. China Merchants Group recently launched a $15bn tech fund which will be predominately invested into Chinese technology companies.
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