Snowball Finance has reportedly collected $120m in its Series E funding round to upgrade its services.
The capital was entirely supplied by Orchid Asia, a China-based investment fund, according to a report from Deal Street Asia.
With the equity Snowball plans to upgrade its services and deepen its wealth management services. Capital will also be used to hire more staff.
Founded in 2010, the company’s Xueqiu platform delivers real-time cross-border market information, data and analysis of the investment market. Its services cover the Hong Kong and US stock markets.
Snowball offers a range of regulated investment software, which help consumers and institutions to invest into various opportunities.
The FinTech previously raised $120m in 2018 from Ant Financial and other unnamed backers. It was reported the investment put the company’s valuation at between $400m and $500m.
Last month, fellow China-based FinTech platform ShowPay secured a $1.5m investment from Jinghe Investment and other venture firms. The company offers a cryptocurrency payment system that enables users to spend their digital assets, including Bitcoin, Libra and BTC.
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