China fintech player Pintec gets $103m round

STI Financial Group, Shunwei Capital, and Zhong Capital also participated in the round, according to a release. The new capital will be used to improve Pintec’s technology offering through investment in R&D, risk management and operational enhancements.

Pintec has also established a strategic partnership with Sina to promote financial inclusion online. The companies will connect Chinese consumers with financial services offered by banks and other institutions, targeting the massive user base of Sina’s Weibo microblogging platform. The partnership aims to combine Sina’s brand value and online reach with Pintec’s product expertise.

Founded in 2012, Pintec offers financial solutions to Chinese internet users through lending platform Dumiao and robo-advisory firm Polaris, which provides automated investment recommendations. It also operates in Southeast Asia through Avatec, a lending site founded earlier this year with United Overseas Bank, and Pivot, a robo-advisor backed by FWD Group.

As of December 2017, Pintec had around 200 corporate partners in China, including prominent internet and technology firms such as Xiaomi, Qunar and Ctrip, and finance players like Anbang Finance, Minsheng Securities, and Orient Securities.

The company previously operated peer-to-peer P2P lending platform Jimubox, which launched in 2013 and received several rounds of funding from investors including Ventech China, Shunwei, Xiaomi, Vertex Venture Holdings and Matrix Partners. Jimubox was spun off in 2016 to enable Pintec to focus on its core services.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Financials
• Technology
• Expansion
• China
• TMT
• Financial Services
• Shunwei Capital Partners
• Growth capital