Chinese online media firm Sina Corporation (NASDAQ:SINA) has joined Hong Kong-based venture capital firm Mandra Capital to lead a US$103 million financing round in Pintec, a Chinese fintech platform.
STI Financial Group, Shunwei Capital Partners and ZHONG Capital Holding Group and others also participated in the round, according to Pintec’s announcement.
Pintec offers end-to-end solutions based on artificial intelligence, big data and blockchain. It analyzes elements in retail financial services, including user cases, traffic, data, risk management, capital and products, to find standardized and modularized solutions for small and medium-sized financial institutions and businesses to offer online financial services.
Clients are in the fields of finance, online travel, e-commerce, offline retail payment and business lending.
"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 also established a strategic partnership with Sina to jointly tap fintech opportunities. The two sides will cooperate in online traffic, user data, and product development to effectively enable financial institutions with advanced digital and artificial intelligent technologies.