Sep 30, 2018 (China Knowledge) - Leading Chinese FinTech firm, Samoyed which operates an online platform for credit card balance transfers has filed with the SEC to raise up to USD 80 million in an initial public offering (IPO) on New York Stock Exchange (NYSE) on Friday.
The company is currently providing and facilitating three types of credit services for their customers, credit card balance transfer, cash advance and credit loans. The company’s core business is credit card balance transfer, where credits are extended to customers, allowing them to repay their credit card bill.
The company has an average of 3.69 million monthly active users as of the 2nd quarter of 2018. Samoyed has processed 674,000 of transaction, with RMB 3.76 million of loan facilitated in the same period above. It recorded a net profit of RMB 25.6 million for first six months of 2018, a positive improvement to the net loss of RMB 48 million recorded in the same period last year.
Samoyed will be using the proceed from the IPO to build up their brand, talent acquisition and retention, enhance their current technology infrastructure, attract more customers and participate in strategic acquisition when the opportunities arise.
The company seek to list on the NYSE under the symbol SMY. Morgan Stanley, Deutsche Bank and CICC are the joint bookrunners of the deal.
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