Pintec Partners with Xiaomai Zhujiao on Tuition Installment Financing
Schools using Xiaomai Zhujiao software will be able to provide their customers with Pintec's installment loan tools.
Pintec Technology Holdings Ltd. (Nasdaq: PT) stock rose 2.6 percent on Friday as the company announced a deal to bring its consumer lending solutions to Xiaomai Zhujiao, a Chinese educational software platform.
"PINTEC has been devoted to developing digital installment payment solutions for the education industry for years," said Zhou Jing, PINTEC's president. "Based on big data and artificial intelligence technology, PINTEC and Xiaomai Zhujiao can accurately assess education institutions and their consumers, and enable offline institutions to provide efficient education installment loans services for their consumers," Jing added.
Pintec is a financial technology company which enables businesses to embed loans, insurance, and wealth management into their software. The online travel agencies Ctrip.Com International Ltd (Nasdaq: CTRP) and Qunar and the e-commerce sites Shefenqi and Vipshop Holdings (NYSE: VIPS) use Pintec's tools to help customers finance their purchases.
Xiaomai Zhujiao is an educational software platform used by Chinese school franchises. These schools will now be able to use Pintec's tools to give their students installment loans for tuition.
Pintec, which was founded in 2012 and went public at $11.88 per share in October 2018 on the Nasdaq, is down 3.2 percent year-to-date.
Pintec stock gained 26 cents in trading today, closing at $10.40 per share.
In November, PINTEC was included in the FinTech 250 list of top FinTech startups published by CB Insights. Although other Chinese FinTech startups such as Ant Financial and Lufax were listed, Pintec was the only Chinese firm in the "Core Banking and Infrastructure" category.