Lexin

What Lexin does

Lexin (NASDAQ: LX; legal entity 深圳乐信软件技术有限公司) is a Shenzhen-headquartered Chinese consumer finance and fintech platform founded in 2013 and publicly listed on NASDAQ since December 2017. It serves young Chinese consumers (primarily post-90s and post-95s generations) through the Fenqile (分期乐) installment e-commerce marketplace and a suite of consumer credit products including 灵活借 (flexible lending), 乐金卡 (credit card), and 乐周转 (working capital). A second major segment is 分期乐普惠 (Fenqile Inclusive Finance), which provides small and micro-enterprise loans up to RMB 300,000 via a 2,000+ person localized field sales force covering 336 cities across 30+ provinces, with over 70% of borrowers in tier 4/5 cities and below. The company serves nearly 200 financial institutions through Yunxi Technology (云犀科技), its B2B fintech-as-a-service platform offering product design, smart customer acquisition, risk control, customer operations, and system deployment, and operates consumer credit businesses internationally in Mexico (Fortaprest) and Indonesia (Kredito).

The company's technology backbone is built on proprietary AI and big data infrastructure developed over more than a decade of operating data. Core systems include the Eagle Eye (鹰眼) big data risk control engine, Wormhole (虫洞) asset matching platform, the Silver Wing Strategy Robot (银翼策略机器人) using causal inference across 10,000+ dimensions, the Qidian (奇点) proprietary financial-vertical AI large language model, and 100+ deployed AI agents across pre-loan, mid-loan, and post-loan workflows. Lexin has filed nearly 1,000 patent applications and reports approximately RMB 5 billion in cumulative R&D investment, with over 50% of headquarters staff in R&D and risk roles.

Lexin generates revenue from interest income and fees on consumer and micro-enterprise credit (Q1 2026 loan volume of RMB 57.9 billion), transaction and merchandise fees on Fenqile Mall (over 200 million registered users, nearly one million brand merchants), B2B technology licensing via Yunxi Technology, and overseas consumer lending. The company faces material regulatory headwinds: the NFRA and PBOC are targeting a 12% consumer loan interest rate cap by 2027, and October 2025 regulations triggered a Q4 2025 net income decline of 41% YoY. As of May 2026 the stock traded at approximately 2.5x forward EPS, near historical lows, down roughly 80% from March 2025 highs, with Q1 2026 active users at 5.17 million and 90+ day delinquency at 3.5%.

Name

Lexin

Legal name

深圳乐信软件技术有限公司

Website

https://lexin.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lexin (NASDAQ: LX) is a Shenzhen-based Chinese consumer finance and fintech platform serving young consumers and small merchants through installment e-commerce (Fenqile), consumer and micro-enterprise credit, a B2B fintech platform (Yunxi Technology) for nearly 200 financial institutions, and overseas lending in Mexico and Indonesia.

Ownership category

akta.pro rank

Product category

Consumer Finance

NAICS

Consumer Lending (522291), Sales Financing (52222), Sales Financing (522220)

SIC

Personal Credit Institutions (6141), Loan Brokers (6163)

akta.pro primary industry

BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)

akta.pro secondary industries

Merchant-Integrated BNPL (Online Checkout) (FSAKACAA), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)

Keywords

• Consumer finance platform
• Installment e-commerce
• Online consumer lending
• Small business lending
• Fintech technology solutions

Headquarters

HQ city

Nanshan

HQ country

China

HQ region

Asia

Offices36 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 分期乐商城 (Fenqile Mall) - Installment E-commerce: Online installment retail platform for young consumers connecting them with brands and merchants, generating revenue from merchandise sales and transaction fees.
2. 个人消费信贷 (Consumer Credit) - 分期乐消金: Consumer lending products including 灵活借, 乐金卡, and 乐周转. Revenue from interest income and loan service fees. Active users reached 5.17 million in Q1 2026 with total loan volume of RMB 57.9 billion.
3. 分期乐普惠 (Micro-enterprise Lending): Small and micro enterprise lending with max credit limit of RMB 300,000, serving individual operators and small businesses. Over 400 万 merchants helped. Covers 30+ provinces and 330+ cities via 2,000+ localized staff.
4. 云犀科技 (Yunxi Technology) - B2B Fintech-as-a-Service: Digital banking technology solutions for financial institutions, providing product design, smart customer acquisition, risk control, customer operations, and system deployment services.
5. 海外消费信贷 (Overseas Consumer Credit): Small loan businesses in Mexico (Fortaprest) and Indonesia (Kredito) targeting local consumers.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Lexin operates an integrated consumer finance ecosystem combining installment e-commerce (Fenqile Mall), consumer credit products (灵活借, 乐金卡, 乐周转), small and micro-enterprise lending (分期乐普惠), and B2B fintech-as-a-service (云犀科技). The company serves over 200 million registered users with proprietary AI-driven credit technology, delivering installment payment options on consumer goods and working capital loans to small merchants. It also provides digital transformation solutions to nearly 200 financial institutions and operates consumer lending brands in Mexico (Fortaprest) and Indonesia (Kredito).

Product overview

Lexin operates a multi-product platform architecture consisting of: Fenqile Mall (分期乐商城) as the core installment e-commerce platform serving over 200 million young high-growth consumers; consumer finance products including 灵活借 (flexible lending) and 乐金卡 (credit card); 分期乐普惠 (Fenqile Inclusive Finance) serving small micro enterprises with up to 300,000 yuan loan products and 2,000+ local service personnel; 云犀科技 as a B2B digital platform serving nearly 200 financial institutions with fintech solutions; and overseas operations in Mexico (Fortaprest) and Indonesia (Kredito). The platform processed over 2,000 billion yuan in annual transactions and serves nearly 200 million registered users.

Differentiator

Problem solved

Functional benefit

Brands

• 分期乐商城: China's first installment shopping platform serving high-growth young consumers with a comprehensive online marketplace featuring installment payment options
• 灵活借
• 乐金卡
• 乐周转
• 分期乐普惠
• 云犀科技
• Fortaprest
• Kredito

Products and services

• Fenqile Mall (分期乐商城) China's first installment shopping platform launched in October 2013, serving high-growth young consumers (primarily post-90s and post-95s generation) with installment payment options for products across nearly 1 million brands and merchants.
• Flexible Borrowing (灵活借) A consumer credit product under Fenqile offering flexible repayment options including same-day repayment and longer-term installment services, forming a diversified product matrix with Le Jin Card to match user lifecycle needs.
• Le Jin Card (乐金卡) A credit card product under Fenqile's consumer finance suite that together with Flexible Borrowing forms a diversified product matrix matching user full lifecycle needs.
• Fenqile Inclusive Finance (分期乐普惠) An inclusive finance brand serving small micro enterprises, individual operators, and individuals with loan products up to RMB 300,000. Operates with over 2,000 local service personnel covering more than 330 counties and cities across 30+ provinces in China, providing door-to-door service with fastest 1-minute loan approval.
• Yunxi Technology (云犀科技) A B2B digital platform serving financial institutions, providing one-stop solutions covering product design, intelligent customer acquisition, risk control, customer operations, and system deployment to accelerate digital transformation. Serves nearly 200 financial institutions.
• Fortaprest A brand providing small loan services to users in Mexico, leveraging the group's decade-plus of risk control, technology, and backend capabilities to serve the local market.
• Kredito A brand providing small loan services to users in Indonesia, operating with the philosophy of 'easy, quality, and convenient' and leveraging the group's financial technology capabilities.
• Le Zhou Zhuan (乐周转) Flexible working capital product under Fenqile for small businesses and individuals.

Quantifiable outcome

• Over 4 million small merchants helped through '相信微小梦想' program across 30+ provinces and 336 cities
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature10 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Regional Banks (南京银行, 甘肃银行, 中原银行, 昆仑银行, 乌鲁木齐银行等9家)coreStrategic or Co-development Partner · 1 May 2021Lexin's Yunxi Technology signed '区域银行共生长' (Regional Bank Co-Growth) plan agreements with 9 regional banks including Nanjing Bank, Gansu Bank, Zhongyuan Bank, Kunlun Bank, and Urumqi Bank for fintech digital transformation cooperation.
• 交通银行 (Bank of Communications)minorStrategic or Co-development Partner · 1 September 2019Lexin became a limited partner in China's first 'bank-led' sci-tech equity fund together with Bank of Communications in September 2019.
• Major Banks (工商银行, 广发银行, 民生银行等)coreStrategic or Co-development PartnerStrategic cooperation agreements signed with dozens of major financial institutions including Industrial and Commercial Bank of China, China Guangfa Bank, and China Minsheng Bank at the 3rd Partner Conference in 2019.
• 招商银行信用卡 (China Merchants Bank Credit Card)minorStrategic or Co-development PartnerIn March 2017, Lexin opened its credit card installment services through a partnership with China Merchants Bank Credit Card.
• 江西裕民银行 (Jiangxi Yumin Bank)minorStrategic or Co-development PartnerLexin took a stake in Jiangxi Yumin Bank in September 2019, becoming its third largest shareholder, expanding its fintech ecosystem.
• 中国国家击剑队 (Chinese National Fencing Team)minorGTM or Marketing PartnerLexin became the official partner of the Chinese National Fencing Team in April 2024, supporting athletes while building brand awareness.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• WeBank (Tencent): WeBank is China's first internet-only bank backed by Tencent, providing WeLoan (微粒贷) consumer credit and WeSure insurance products to WeChat users. It competes with Lexin in online consumer credit distribution and leverages a comparable AI-driven risk engine.
• JD Digits (京东科技): JD Digits, the fintech arm of JD.com (a Lexin investor), provides consumer credit, BNPL, and supply chain finance products through JD.com's e-commerce platform. It is comparable as both an investor and a competitor, particularly in installment e-commerce and consumer credit embedded in retail.
• Ant Group: Ant Group operates Huabei (花呗) and Jiebei (借呗), China's largest BNPL and consumer credit products via Alipay, serving hundreds of millions of consumers. It is a direct competitor to Lexin/Fenqile in installment consumer finance and BNPL for young Chinese consumers, though it operates at much greater scale and breadth.

Direct peers

• Affirm: Affirm is a US-listed BNPL and consumer credit provider focused on installment payments at merchant checkout. While geographically distinct, it is directly comparable to Fenqile Mall's installment e-commerce model and serves a similar under-35 demographic in online retail BNPL.
• Qifu Technology (360 Finance): Qifu Technology is a Nasdaq-listed Chinese consumer finance platform originating from 360 Finance, providing credit-driven products to underbanked borrowers using AI-based risk decisioning. It is the closest direct peer to Lexin in scale, business model, target customer (young/underbanked Chinese consumers), and listed-equity exposure to Chinese consumer finance regulation.
• Lufax Holding: Lufax is a NYSE-listed Chinese fintech platform offering small business lending, consumer finance, and wealth management products. It is comparable to Lexin in serving underbanked Chinese borrowers with AI-driven underwriting and faces the same NFRA/PBOC regulatory environment as a major Chinese fintech.
• Klarna: Klarna is a global BNPL leader operating Pay-in-4 and longer-term installment products at merchant checkout. Comparable to Lexin's BNPL marketplace model and consumer credit strategy, particularly relevant given both companies operate consumer credit/BNPL at scale across multiple markets.
• CreditEase:
• Du Xiaoman Financial (Baidu): Du Xiaoman, spun out of Baidu, runs consumer credit, BNPL, and small business lending products including Huabei Bank-style installment services in China. It directly overlaps with Lexin's Fenqile consumer credit and inclusive finance segments, leveraging an AI-driven risk engine and a large Chinese user base.

Regional players

• Kaspi.kz: Kaspi.kz is a Kazakhstan super-app combining payments, marketplace, and consumer/SMB finance. While geographically distinct, it is a useful comparable for Lexin's integrated BNPL e-commerce + consumer credit + SMB lending ecosystem model and Yunxi-style B2B fintech play.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LexinFintech

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries8 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lexin