PINTEC, a FinTech solution developer, has reportedly filed a $70m IPO on the Nasdaq.
The launch of the IPO has been supported by a growth in its annual revenue and loan applications, according to a report by FinTech Futures.
PINTEC develops end-to-end solutions based on AI, big data and blockchain technology, to help small and medium-sized financial institutions and businesses to offer online services. Its
This capital injection will be used to grow the company innovation capabilities, investment into research and development, and risk management and operations. The company offers FinTech solutions for instalment payments, individual credit loans, SME loans, wealth management and online insurance.
At the end of last year, the company had reached around 200 financial and business partners, which include Xiaomi, Qunar, Ctrip, BestPay, Vip.com, Shouqianba, Anbang Finance, Minsheng Securities, Yunnan Trust, and others.
Last month, the company raised $103m in a funding round led by Mandra Capital and SINA Corp. Further to the investment, SINA formed a strategic partnership with PINTEC so both companies can take advantage of the huge FinTech opportunities being created by the expansion of China’s consumer economy.
Through the combination of SINA FinTech expertise and network, the duo hope to boost their online traffic, user data and product development to better serve financial institutions with AI and technology.
China has seen a number of high-value FinTech investments in the past week. Online vehicle financing platform Lion Bridge recently raised $149m in funding from Baidu and Sunshine Capital. While online trading platform Tiger Brokers bagged $80m for its Series C round.
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