Fintech, IPO, Tech

Sina-backed Fintech Firm Pintec Files For $70M US IPO

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Sina-backed Fintech Firm Pintec Technology Holdings Ltd., has filed for a US$70 million initial public offering on Nasdaq, according to its prospectus.

The Beijing-based company traces its roots from predecessor Jimu Holdings Ltd (also known as Jimubox), which was founded in 2013, prior to a reorganization that separated the two businesses from 2016. Pintec connects business partners and financial partners on its platform and enables them to provide financial services to end users. It offers point-of-sale financing solutions, personal instalment loans, business instalment loans, wealth management and insurance.

Its business partners include both online and offline businesses, from online travel, e-commerce, telecommunications, online education and other industries. Its financial partners include banks, brokers, insurance companies, investment funds, trusts and consumer finance companies. As of March, it had about 21 million registered users for its point-of-sale financing and personal and business instalment loans.

In 2017, it recorded revenue of RMB568.7 million (US$90.7 million), up 936% from RMB54.9 million in 2016. It booked a net loss of RMB84.9 million (US$13.5 million) in 2017, compared to RMB200.5 million in 2016.

Xiaomi Inc., and Matrix Partners China own 7.2% and 5.1% stakes respectively.

Last month, Chinese online media firm Sina Corporation (NASDAQ:SINA) joined Hong Kong-based venture capital firm Mandra Capital to lead a US$103 million financing round in Pintec. STI Financial Group, Shunwei Capital Partners and ZHONG Capital Holding Group and others also participated in the round, according to Pintec’s announcement.

 


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