Cheddar, CNBC’s financial news streaming service aimed at millennials, has raised $22 million for a planned expansion, the company announced this week.

The service is preparing to launch a new channel on Snapchat Discover, in addition to expanding to the UK,  writes Benjamin Mullin at wsj.com.

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Founder and Chief Executive Jon Steinberg, the former president of BuzzFeed, has pitched Cheddar as a disrupter of cable news networks aimed at millennials who are cutting the cord and turning away from traditional news. About 95 percent of the company’s revenue comes from advertising, Mr. Steinberg said, mostly native ad sponsorships from big-ticket advertisers like Fidelity and E-Trade that start at $125,000 per month.

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