Alibaba Affiliate Ant Financial Made $120M Investment in Xueqiu
The investment round’s profits are due to be utilized for the development of their digital platform, aiming to hire additional employees and expand its inventory of products.
China’s CMN news outlet stated that Ant Financial has been working on closing a deal worth over $100 million USD in the information firm. Originating in 2010, the agency, which also runs Xueqiu.com alongside its mobile application, supplies info regarding equity, monetary management, real estate investments and more. It boasts over 10 million users per month, and generates around 200,000 community threads per day within is digital community.
Xueqiu consists of various platforms such as Danjuan, a fund that oversees trades of over 4,000 funds, as well as Xueqiu Private Equity, launching over 200 funds utilized by customers with a plethora of wealth.
Ant Financial’s director Hu Xiaodong stated that the company plans to work side-by-side with the information agency in order to give users a vast array of services in order to help them manage their wealth and investments, in addition to making the process more efficient and clear.
Four years prior, the corporation managed to raise $40 million USD during its series C conducted by the Renren, a social firm listed on the NY Stock Exchange alongside Morningside Venture Capital.
A year prior to its Series C, the company’s Series B saw a $10 million USD investment from MV as well as Sequoia Capital. Its Series A in 2013 brought them an initial $20 million USD.