Beijing Snowball Finance Information Technology Co., Ltd, a Chinese internet financial information provider that focuses on cross-border investments, has completed its Series E round funding raising $120 million exclusively from Orchid Asia.

Swiss global investment bank UBS Group facilitated the transaction, according to Snowball’s statement on December 5.

The funding proceeds from the fresh round will be allocated to upgrade its services, and also for its wealth management platform, and talent recruitment.

Co-founded by Nan Li in Beijing in 2010, Snowball has created an intelligent crypto platform, xueqiu.com, which delivers free and real-time cross-border market information, data, communications and other services. It offers accessible networks and analysis to invest in bonds, funds, trusts, and bitcoin in overseas markets.

Nan Li also said that Snowball will develop its online wealth management platform by advancing financial information products and services.

“We expect Snowball can pivot for the emerging middle-class users, especially young clients,” said Orchid Asia’s managing director Jipei Li.

Before the latest round, Snowball secured four funding rounds with total capital raised touching over $170 million. Sequoia Capital China had previously seeded $3 million in a Series A round in Snowball in 2011.

In 2013, the investor along with 5Y Capital (formerly known as Morningside Venture Capital) had collectively pumped $10 million for Snowball’s Series B round.

In 2018, Ant Group had exclusively infused $120 million in Snowball’s Series D round. Orchid Asia, which has offices in Hong Kong, Beijing, and Shanghai, is a private equity firm with $6 billion in assets under management.

This article was originally published by Deal Street Asia