SMALL BUSINESS TRENDS

Pintec Technology Holdings Limited Announces SME Digitization Solution Offering and Deconsolidation of Certain Non-core Digital Technical Services

PINTEC | August 31, 2021

Pintec Technology Holdings Limited, a leading independent technology platform enabling financial services in China, today announced its decision to expand its technical services to focus on better empowering the small and medium enterprise ("SME") ecosystem, by leveraging the Company's advanced technology in big data, artificial intelligence, and cloud-based infrastructure.  Specifically, the Company plans to utilize its "SaaS + Fintech" model as a total solution in order to accelerate the digitization of SMEs, encompassing technology-based credit services and solutions to the manufacturing process and operations of the SMEs.

Part of this decision requires strategic review of the Company's existing operations in order to optimize resource and talent deployment. As a result, the Company has determined to restructure certain non-core technical services, which require long-term investment but may generate negative earnings currently and in the foreseeable future, by transferring out 85% of its equity interest in FT Synergy Pte. Ltd. ("FT") at nil consideration (the "Deconsolidation"). Upon the completion of this deconsolidation, the financial results of FT will no longer be included in the Company's consolidated financial statements, therefore eliminating its negative financial impacts to the Company. Going forward, the Company will be focused on offering of comprehensive technology-based credit services and solutions to SMEs.

As a leading developer for credit services, PINTEC initiated a technology-based credit assessment system for SMEs as early as 2016. PINTEC's technology-based credit services and solutions focus on customer acquisition and risk control, and were adopted in several business aspects, including e-commerce, payment, corporate finance and taxation. As of the end of 2020, PINTEC's solution has enabled over 80,000 SMEs in managing their cash flows and needs.

Mr. Victor Li, Chief Executive Officer of PINTEC, stated, "Our historical proven track records, cumulative partnership collaborations, and advanced technology will enable us to naturally extend our focus on the SME digitization ecosystem, and to scale our offerings for expanded accessibility. Our total solution leverages our "SaaS + Fintech" capabilities in encompassing end-to-end services from manufacturing to operations, distribution, inventory control, human resources management, property management, financing, etc. for SMEs of various industry sectors. Our aim is to significantly enable these enterprises to enhance their operational efficiency and to reduce overall financial costs. In addition, we are confident that the deconsolidation of our loss-making non-core operation can effectively streamline our overall operations and improve our financial performance. These decisions and efforts fully reflect the execution of our strategic initiatives in optimizing our portfolio offerings, servicing and internalization."

About PINTEC
PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.




Spotlight

An effective local SEO campaign requires a combination of geo-targeted optimization and content marketing, business listings and backlinks, and user-generated reviews. Learn how we drive results on search engines for local businesses.

Spotlight

An effective local SEO campaign requires a combination of geo-targeted optimization and content marketing, business listings and backlinks, and user-generated reviews. Learn how we drive results on search engines for local businesses.

Related News

TECHNOLOGY

Alchemy Technologies, a Fintech Saas Firm, Is Acquired by Business Warrior

Alchemy Technologies | June 10, 2022

The purchase of Alchemy Technologies, a global FinTech software as a service (SaaS) company, by Business Warrior Corp., the source for small businesses in America to attract more consumers, was recently announced. Business Warrior's core marketing and lending software will be strengthened because of the acquisition, and the company's brand and services will be expanded to suit global demand. For other FinTech firms, retailers, and banks, Alchemy specializes in developing end-to-end cloud native lending experiences. The company's primary solution is installed in a variety of industries, including: Personal loans Point of Sale Financing Health and Beauty Financing Construction Loans Solar and Home Improvement Financing Small Business Lending Skillset Financing Crowdfunding Platforms Business Warrior identified Alchemy as an appealing acquisition prospect earlier this year when working with the company to establish its Business Warrior Funding loan platform, citing its operational and financial performance. Alchemy is a multinational corporation with customers in the United States, Mexico, the United Arab Emirates, Australia, the United Kingdom, and Puerto Rico. Alchemy brought around $2.8 million in income in 2021. The company is on track to boost revenue, with full-year 2022 revenues expected to increase by 77% over 2021. “After working with Alchemy, we quickly realized the massive potential of adding this international group of industry leaders to the Business Warrior team, With our Business Warrior platform, premium marketing, and now a global lending technology presence, we are building solutions that propel the success of small businesses.” -Business Warrior President Jonathan Brooks. Alchemy will continue to operate under its current brand name as a subsidiary of Business Warrior and will continue to support its clients and internal personnel. Alchemy will be handled independently by Business Warrior, with over 30 full-time staff and over 100 full-time contracted developers. This acquisition brings the total number of Business Warrior employees to 157, all of whom are dedicated to a single goal: to help small businesses achieve success and long-term growth through marketing technologies and unique funding alternatives.

Read More

BUSINESS STRATEGY

Secure with Renters Embedded Digital Insurance by APPOLO Insurance and Yardi Partners

APPOLO Insurance | June 17, 2022

APPOLO Insurance partnered with Yardi Systems to offer an insurance interface embedded in Yardi's software, providing tenants and landlords with an accessible digital insurance experience. The partnership with APPOLO will allow Yardi to offer its users a seamless and integrated insurance interface. APOLLO, embedded directly into the Yardi Voyager property management software platform, joins over 300 Yardi collaborators in the real estate industry by providing tenants with an easy insurance buying experience. “APOLLO is excited to partner with such an innovative real estate software solutions company and Yardi shares APOLLO’s consumer-centric focus, and vision of an industry where technology does the work, so that people can build relationships.” -Jeff McCann, CEO APPOLO Peter Altobelli, Vice President and General Manager of Yardi Canada said, “APOLLO’s digital-first approach to insurance aligns with Yardi’s mission to provide our clients with superior products and outstanding customer service. We are excited to bring APOLLO’s digital insurance fulfillment to our clients.” APOLLO launched its proprietary technology in April 2019, leveraging extensive data and sophisticated algorithms to quote, collect payments, and create and deliver policies. This empowers thousands of individuals and small businesses to purchase online without human intervention. About APPOLO APOLLO (Apollo Insurance Solutions Ltd.) facilitates insurance in a simplified and effortless manner for individuals and small businesses. As Canada's leading online insurance provider, APOLLO puts people first by utilizing time-saving technology and a thorough understanding of the communities they serve. More information can be found at apollocover.com. About Yardi Yardi, founded in 1984, has grown rapidly over the last three decades to become the leading provider of high-performance software solutions for the real estate industry. We now have over 7,500 dedicated professionals working in 45 offices across North America, Europe, the Middle East, Asia, and Australia.

Read More

MANAGEMENT,TECHNOLOGY,FINANCE

Cross River partners with SmartBiz to Bring Smarter Financing to Small Businesses

CROSS RIVER | July 13, 2022

SmartBiz®, the leading AI-powered financing platform for small businesses and Cross River®, a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, announced a partnership to equip more U.S. small businesses with access to the financing they need to grow. The partnership enables Cross River to leverage SmartBiz’s best-in-class digital application, on top of its existing tech-stack, for a faster and more efficient process for small businesses to obtain funding, with Cross River powering the financial services on the backend. SmartBiz’s application consists of AI-driven processing and exceptional customer experience with transparency to streamline the process of connecting more entrepreneurs with SBA 7(a) loans - a critical financial tool for small businesses. “We’re thrilled to join forces with SmartBiz to make an elevated SBA financing experience more readily accessible to small business customers, SmartBiz is at the forefront of the loan optimization process, and like Cross River, is operating at the intersection of cutting-edge technology and stellar customer service."After weathering two years of a pandemic economy, many U.S. small businesses are eager to increase their working capital to adapt, rebuild, and grow. Although small businesses comprise the overwhelming majority of all American businesses, they often find themselves forced to navigate an antiquated, opaque, and inefficient process to obtain financing. -Eli Hazan, Head of Business Lending at Cross River. Our technology does the heavy lifting by automating as much of the process as possible, and our dedicated customer support team assists entrepreneurs through the entire application process,” says Evan Singer, CEO of SmartBiz. “We’re proud to integrate this technology with Cross River as we know they share our goal of equipping every entrepreneur with access to smart capital. SmartBiz and Cross River are committed to helping small businesses across the U.S. acquire the funds they need for stability and growth. A crucial source of employment and the unheralded centers of so many communities, small businesses play an essential role in driving our economy. Both teams recognize the role that innovation will play in fortifying these businesses to meet and make the future. SmartBiz and Cross River Bank look forward to working together to further simplify funding solutions and increase the volume of financing accessed by this vital customer group. ABOUT SMARTBIZ SmartBiz is the leading AI-powered small business financing platform equipping entrepreneurs with access to the right capital at the right time. To date, SmartBiz has connected borrowers with more than $9 billion in financing while increasing efficiency for its network of banks and trusted lending partners. More than 230,000 entrepreneurs have utilized SmartBiz to access the funding they need to grow, with 60% of loans made to minority, women, or veteran-owned businesses. SmartBiz was named the Top Small Business Lending Platform by LendIt Fintech® in 2022 for excellence in keeping the economy running through successful loan performance, volume, growth, product diversity, and innovation. Founded in 2009 and headquartered in San Francisco and Austin, SmartBiz is backed by Venrock®, Investor Growth Capital®, First Round Capital®, Baseline Ventures®, and Uncork Capital®. Learn more about smartbizloans.com. ABOUT CROSS RIVER Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.

Read More