Ant Financial invests $120mn in financial information platform, Xeuqiu
Financial information platform Xeuqiu has raised $120mn in its series D funding round from Alibaba’s finance spin-off, Ant Financial.
Xeuqiu was founded in 2010 and provides information on equity, wealth management, insurance and real estate through its mobile app and website. It also has platforms including Danjuan Fund and Xeuqiu Private Equity.
The company is based in Beijing. Xeuqiu translates, simplified, to ‘snowball’ and the platform’s holding company is Snowball (Beijing) Technology Development Co, Ltd. It boats 12mn monthly active users according to China Money Network, which generate around 200,000 discussion threads per day.
Ant Financial names blockchain as core technology
JD Finance set to raise $1.9bn in series B funding
Read the latest Asia edition of Business Chief
The capital is to be used for research and development of the online platform as well as to widen the product offering and hire more staff.
Fang Sanwen, CEO of Xeuqiu, said according to China Daily: “Funds from this round of financing will be mainly used in the research and development of the community and trading system as well as recruiting talent to further improve user experience on investment and communication at Xeuqiu, and to provide them with cross-market and multi-category stock and fund trading services.”
Previous investors in the platform’s A-C funding rounds have included Sequoia Capital, Morningside Venture Capital and Renren Inc.