PINTEC, a technology platform enabling financial services in China, has raised $103m in fresh funding.
The financing was led by Mandra Capital and SINA, which was joined by STI Financial Group, Shunwei Capital Partners and ZHONG Capital Holding Group, among others.
Along with the funding, PINTEC has also established a strategic partnership with SINA to jointly tap ‘the huge FinTech opportunities’ being created by the expansion of China’s consumer economy.
Leveraging SINA Weibo’s traffic, SINA’s brand value, and PINTEC’s FinTech expertise, the two sides said they will cooperate in online traffic, user data, and product development. The pair want to effectively enable financial institutions with advanced digital and artificial intelligent technologies.
“The funding proceeds will be used to strengthen PINTEC’s innovation capabilities,” said William Wei, founder and CEO of PINTEC. “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 advanced end-to-end solutions based on artificial intelligence, big data and blockchain. The platform analyses key elements in retail financial services, including user cases, traffic, data, risk management, capital and products, and turns the process into standardised and modularised solutions that can enable small and medium-sized financial institutions and businesses to offer online financial services.
“SINA’s resources, traffic and data will be valuable assets for PINTEC to develop more efficient fintech solutions and win more institutional clients,” added William Wei of PINTEC.
“With the fast-growing demand for consumer finance in China, PINTEC can empower traditional financial institutions to strengthen their technology capabilities and expand their online services with our expertise in technology, risk management and operations.”
Based on its lending solutions platform, Dumiao, and robo-advisory solution ,Polaris, PINTEC provides end-to-end FinTech solutions for instalment payments, individual credit loans, SME loans, wealth management and online insurance.
PINTEC had about 200 financial and business partners including Xiaomi, Qunar, Ctrip, BestPay, Vip.com, Shouqianba, Anbang Finance, Minsheng Securities, Yunnan Trust, Orient Securities, Industrial Consumer Finance, etc.
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