Ant Financial Executive Chairman Lucy Peng

image credit : Ant Financial

Chinese fintech startup Snowball Finance has now gotten a confirmed $120 million Series D investment from fintech giant Ant Financial in this round which brings the total raised by the 8 year old startup to a bit over $170 million after having raised previous rounds from notable investors including Sequioa Capital, Renren and Morningside.

Snowball notably offers financial information and trading services through its site reported to have grown to a huge community of over 12 million monthly active users which provide financial information, investment ideas and in-depth data across its service.

This capital will be invested in Snowball’s product development, recruiting of talent and improvement of its trading system according to the company’s founder and CEO Fang Sanwen.

This investment from fintech giant Ant Financial which notably raised a record $14 Billion last month at a $150 Billion valuation represents a strategic partnership as Ant Financial being a major player in the financial technology space benefits Snowball which stands to get very good resources from Ant Financial’s huge ecosystem.

Snowball has expanded into the asset management and various fund investment services with the company’s new “Internet + asset management” being a major service amongst several others with this investment standing as huge capital for Snowball to make use of to expand its financial services while being a main player in the Chinese fintech space.

The Chinese fintech space has been on a huge growth level and has seen several notable startups and unicorns pop up from the region which include $18.5 Billion fintech startup Lu.com, LaKala, CGTZ, Tiger Brokers which recently raised $80 million and e-commer company JD.com’s finance arm which also just recently nabbed a huge $2 Billion funding round.

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