Chinese fintech platform Pintec files $70m IPO
Beijing-based fintech solutions provider Pintec has filed a $70 million initial public offering (IPO) on the Nasdaq.
The firm offers a range of retail financial solutions – such as SME and personal loans, wealth management and insurance brokerage.
The IPO comes after Pintec saw revenues grow and it appears to be in a confident mood.
According to the company, its total revenues grew from CNY 54.9 million ($8.2 million) in 2016 to CNY 568.7 million ($90.7 million) in 2017, and increased from CNY 63.6 million ($9.5 million) in the first quarter of 2017 to CNY 279.4 million ($44.5 million) in the first quarter of 2018.
To support its IPO ambitions, Pintec also revealed some healthy lending action since it launched its first product in June 2015.
In 2016 and 2017, its solutions facilitated over 8.5 million and 21.3 million loan applications, respectively, and a total of CNY 4.8 billion ($717.5 million) and CNY 15.2 billion ($2.4 billion) in loans, respectively.
Last month, Pintec raised $103 million in financing led by Mandra Capital and tech firm SINA. These two were joined by STI Financial Group, Shunwei Capital Partners and Zhong Capital Holding Group.
Pintec also established a partnership with SINA as they targeted China’s consumer economy.
The plan is to use SINA Weibo’s traffic and Pintec’s fintech expertise to cooperate in online traffic, user data, and product development for digital and artificial intelligent (AI) technologies.
William Wei, founder and CEO of Pintec, said at the time: “We will increase our investment in R&D, traffic integration, risk management and operations to better serve small and medium-sized financial institutions.”
Pintec offers a lending solutions platform “Dumiao” and a robo-advisory solution “Polaris”.
By the end of 2017, Pintec says it had about 200 financial and business partners. These include Xiaomi, Qunar, Ctrip, BestPay, Shouqianba, Anbang Finance, Minsheng Securities, Yunnan Trust, Orient Securities and Industrial Consumer Finance.
