9F Group

What 9F Group does

9F Group (NASDAQ:JFU) is a Beijing-headquartered, Cayman-domiciled digital financial technology group founded in 2006 by three Peking University graduates. The company operates as a 'super connector' between licensed financial institutions, retail consumers, and scenario partners (e-commerce, travel, media platforms), targeting 100M+ registered users in China and an expanding Southeast Asia footprint. Its revenue model blends B2B technology service fees (quote-based subscription contracts for AI risk control, cloud infrastructure, and digital marketing sold to banks, trust companies, and consumer finance firms) with C-end monetization through digital wallet (JiuFu WanKa), wealth management (Wukong Wealth Management / JiuFu QianBao), insurance brokerage (JiuHang Insurance), and e-commerce (WanKa Mall, XiaoFanKa JuYouHui mini-program). Go-to-market relies on direct enterprise sales to FIs, partnerships with top-tier cloud and data providers (Alibaba Cloud, Huawei Cloud, TalkingData), and consumer acquisition through WeChat mini-programs with social-sharing mechanics.

The core technology stack is a three-in-one smart finance system comprising JiuFu Financial Cloud (co-developed with Alibaba Cloud), JiuFu Super Digital Wallet, and JiuFu Super Brain — supplemented by the Digital Inclusive Finance Open Platform, which exposes eight modular APIs (product design, credit scoring, accounts, payments, risk control, AI, marketing, certificates). Proprietary AI capabilities include FireEye Credit (big-data risk control), Rainbow Rating, Xiao Yi Robot (voice quality inspection), Onechain blockchain, and a Smart Voice Joint Lab with the Chinese Academy of Sciences. The group has 12+ wholly-owned operating subsidiaries covering technology, inclusive finance, wealth management, securities brokerage (Hong Kong SFC license AAW177), insurance brokerage, and international business, and employs approximately 1,091 staff as of December 2020 with over 65% in product, technology, and risk control roles.

9F raised $84.55M in its August 2019 NASDAQ IPO at $9.50 per ADS, and prior funding included a $400M round from China Cinda Asset Management in 2017. Cumulative credit cooperation with 20+ licensed FIs reached 1,100 billion RMB. The company has faced ongoing Nasdaq compliance challenges, including a 2022 minimum bid price deficiency notice (resolved via a 1-for-20 reverse ADS split in January 2023) and a May 2025 notification for late filing of the 2024 Form 20-F, indicating meaningful operational and disclosure stress despite continued business operation.

Name

9F Group

Legal name

玖富数科科技集团有限责任公司

Website

https://9fgroup.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

9F Group (NASDAQ:JFU) is a Beijing-based digital financial technology company founded in 2006, operating as a 'super connector' that provides AI-powered risk control, cloud, and API modules to 20+ licensed financial institutions while serving 100M+ retail users in China and Southeast Asia through wallet, wealth, lending, and e-commerce products.

Ownership category

akta.pro rank

Product category

Digital Financial Technology

NAICS

Finance and Insurance (52), Depository Credit Intermediation (5221), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD), Transaction Analytics & Cash-Flow Insights (risk signals, forecasting) (FSAGACAG)

Keywords

• Digital financial technology
• Consumer finance services
• AI risk control
• Inclusive finance platform
• Wealth management solutions

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Technology Service Fees (数字科技服务费): B2B technology services provided to financial institutions and enterprise partners including risk control technology, AI services, cloud platform access, digital marketing, and payment/big data solutions. Revenue is generated through service fees charged to licensed financial institutions (banks, trust companies, consumer finance companies).
2. Online Wealth Management (Online理财): Wealth management platform (悟空理财, 玖富钱包) providing fund investment, insurance configuration, and bank wealth management products to retail consumers. Platform accumulates retail user assets under management.
3. E-commerce Consumer Services (电商消费服务): E-commerce platform (万卡商城, 小饭卡聚优惠) offering consumer goods and services across electronics, beauty, travel, dining, healthcare. Revenue from merchandise sales and potentially transaction take rates.
4. Overseas Consumer Finance (数字国际): Southeast Asian market expansion providing consumer financing technology services. Revenue from overseas fintech licensing and technology service fees in Southeast Asian countries.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

9F Group is an AI-driven digital financial technology platform that operates as a 'super connector' between licensed financial institutions, retail consumers, and scenario partners. The company provides a three-in-one smart finance product system (JiuFu Financial Cloud, JiuFu Super Digital Wallet, JiuFu Super Brain) and a Digital Inclusive Finance Open Platform with eight API modules (credit scoring, risk control, AI, payment, account systems, digital marketing, etc.) to banks, trust companies, consumer finance firms, and insurance companies. On the consumer side, the company operates mobile apps (JiuFu WanKa, JiuFu QianBao, Wukong Wealth Management) and WeChat mini-programs (XiaoFanKa JuYouHui) serving over 100 million registered users with consumer finance, wealth management, e-commerce, and digital payment services.

Product overview

9F Group (玖富数科集团) is a Nasdaq-listed (NASDAQ:JFU) AI-driven digital technology company with five business segments: Digital Technology (数字科技), Digital Account (数字账户), Digital Inclusive Finance (数字普惠), Digital Wealth Management (数字财富), and Digital International (数字国际). The core product architecture centers on the three-in-one smart financial product system comprising JiuFu Financial Cloud (玖富金融云), JiuFu Super Digital Wallet (玖富超级数字钱包), and JiuFu Super Brain (玖富超级大脑), supported by the Digital Inclusive Finance Open Platform (数字普惠开放平台) and JiuFu Yun (玖富云) cloud platform. The group operates a portfolio of product brands including JiuFu WanKa (玖富万卡), WanKa Mall (万卡商城), JiuFu QianBao (玖富钱包), Wukong Wealth Management (悟空理财), Xiao Yi Robot (小易机器人), JiuZhi Workshop (玖智工场), 9F Securities Hong Kong, JiuFu Puhui, and JiuHang Insurance, covering consumer finance, wealth management, insurance, securities trading, AI education, and enterprise fintech solutions. The T.E (Tech Enabling) strategy underpins the group's 'super connector' positioning, linking over 100 million users, financial institution partners, and scene partners through standardized API modules.

Differentiator

Problem solved

Functional benefit

Brands

• 玖富超级数字钱包: Digital wallet solution for financial services
• 玖富金融云
• 玖富超级大脑
• 玖智工场
• 小易机器人
• 小饭卡聚优惠
• 玖富犇犇
• One Chain

Products and services

• JiuFu Financial Cloud (玖富金融云)
• JiuFu Super Digital Wallet (玖富超级数字钱包)
• JiuFu Super Brain (玖富超级大脑)
• Digital Inclusive Finance Open Platform (数字普惠开放平台)
• FireEye Credit (火眼征信)

Quantifiable outcome

• 100M+ registered users served across all platforms
• +4 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability13 records

Feature8 records

Partnerships

26 partnerships are on record, tiered core, major and minor.

• 平安金融壹账通 (Ping An Financial One Account)coreStrategic or Co-development Partner · 5 July 2019Initial strategic partnership for digital inclusive finance with target scale of 30 billion RMB. Joint credit services combining 玖富万卡's consumer finance scenarios and big data with One Account's extensive bank network.
• TalkingDatacoreTechnology or Integration · 18 June 2019Comprehensive strategic cooperation in big data risk control, precision marketing, technology empowerment, IT solution integration, and user recommendations. Deep data mining to build comprehensive user analytics system.
• 阿里云 (Alibaba Cloud)coreTechnology or Integration · 31 May 2019Jointly built China's first self-developed end-to-end, integrated, full-process intelligent digital inclusive finance technology empowerment platform — '玖富云' (9F Cloud). Alibaba's cloud ecosystem combined with 9F's digital finance expertise. Launched '玖富数字普惠开放平台' based on the joint cloud platform.
• 华为云 (Huawei Cloud)coreTechnology or Integration · 31 May 2019Strategic technology partnership for digital finance cloud infrastructure and AI capabilities. Deep collaboration in cloud services, AI, and big data for financial institutions.
• 平安金融壹账通 (Ping An Financial One Account)coreStrategic or Co-development Partner · 20 May 2019Signed May 20, 2019 at Shenzhen Ping An Financial Center. Target cooperation scale of 30 billion RMB in digital inclusive finance. Combined 玖富万卡 consumer finance scenarios with One Account's bank network for joint credit, customer acquisition, risk control, service, and post-loan management.
• 20+ Licensed Financial Institutions (城商行、民营银行、消费金融公司等)coreStrategic or Co-development Partner · 19 May 2019Comprehensive ecosystem of 20+ licensed financial institutions including city commercial banks, private banks, national consumer finance companies, and licensed micro-loan companies. Cumulative financing cooperation reached 1,100 billion RMB including an additional ~200 billion RMB from this round. Major institutional partners include Ping An Financial One Account, CITIC Trust, Bohai Trust, Inner Mongolia Bank, Blue Ocean Bank, and others.
• 春秋集团 (Spring Airlines Group)majorStrategic or Co-development Partner · 27 March 2019March 2019 joint venture established in Shanghai to operate aviation travel vertical platform. Building new aviation consumer ecosystem with multiple consumption products for the entire travel scenario.
• 中信信托 (CITIC Trust)majorStrategic or Co-development PartnerOne of 20+ financial institution strategic partners in the 玖富 ecosystem. Received over 900 billion RMB in credit lines prior to 2020; total cumulative partnerships reached 1,100 billion RMB.
• 渤海信托 (Bohai Trust)majorStrategic or Co-development PartnerOne of 20+ licensed financial institution strategic partners. Provides digital finance technology services and credit facilitation through the 玖富 ecosystem.
• 内蒙古银行 (Inner Mongolia Bank)majorStrategic or Co-development PartnerStrategic partner in digital finance. Received digital finance technology solutions from 玖富 for consumer finance and online lending services.
• 蓝海银行 (Blue Ocean Bank)majorStrategic or Co-development PartnerDigital finance technology partnership. Blue Ocean Bank is one of the private banks partnered with 玖富 for consumer finance and digital banking solutions.
• 厦门国际银行 (Xiamen International Bank)majorStrategic or Co-development PartnerStrategic cooperation in technology and financial areas as part of 玖富's 20+ financial institution partnerships for digital finance solutions.
• 华夏银行 (Huaxia Bank)majorStrategic or Co-development PartnerPartnership for digital finance technology cooperation as part of 玖富's ecosystem of financial institution partners.
• 寺库 (Secoo)coreStrategic or Co-development PartnerLuxury e-commerce partner receiving comprehensive digital finance solutions from 玖富, including embedded consumer finance services for luxury goods purchases.
• 华润通 (China Resources Tong)minorStrategic or Co-development PartnerTechnology partnership providing integrated digital financial services solutions through the 玖富 ecosystem.
• 网易严选 (NetEase Yanxuan)minorStrategic or Co-development PartnerE-commerce partnership receiving digital financial solutions for consumer finance integration on the NetEase Yanxuan platform.
• 花生日记 (Huashengji)minorStrategic or Co-development PartnerE-commerce partnership providing digital financial solutions for the coupon/affiliate platform.
• 国美金融 (Gome Financial)minorStrategic or Co-development PartnerDigital finance technology partnership with Gome's financial services arm.
• 联昌银行泰国 (CIMB Thai)majorStrategic or Co-development PartnerEmpowered CIMB Thai (联昌银行泰国) to launch online unsecured loan products. Also partnered with CIMB Thai and its auto finance subsidiary for online auto mortgage projects in Thailand.
• 印尼investreeminorStrategic or Co-development PartnerSoutheast Asian fintech partner in Indonesia for digital lending technology export.
• 泰国G CapitalminorStrategic or Co-development PartnerThai financial technology partner for consumer lending and microfinance solutions.
• 中国质量万里行minorStrategic or Co-development PartnerQuality certification and brand trust partnership.
• 中科院自动化研究所国家重点实验室coreTechnology or IntegrationJanuary 2018 joint establishment of 智能语音服务联合实验室 (Intelligent Voice Services Joint Laboratory) focused on speech recognition synthesis, NLP, voiceprint recognition and other AI technology applications in financial services.
• 清华五道口金融学院 (Tsinghua PBCSF)coreStrategic or Co-development PartnerMay 2018 joint establishment of 清华大学金融科技研究院智慧金融研究中心 (Smart Finance Research Center) to research AI technology applications in financial sectors.
• 汉坤律师事务所minorImplementation/ SI/ Consulting PartnerLegal advisory partner specializing in investment and financing legal services for corporate transactions and compliance.
• 中国小额信贷联盟 (China Association of Microfinance)minorStrategic or Co-development Partner玖富 elected as a new council member of CAM in 2013. Industry association with 115 member institutions covering 30 provinces as of 2011.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• LexinFintech Holdings: NASDAQ-listed Chinese consumer finance and fintech platform (LX) providing installment credit, wealth management, and fintech solutions to young Chinese consumers. Comparable to 9F's 100M+ user consumer finance franchise and its bank-partner-driven credit facilitation model.
• Yiren Digital: NYSE-listed Chinese consumer finance and fintech company (YRD) operating an online consumer lending marketplace and AI-powered risk management platform. Comparable to 9F's WanKa consumer credit and FireEye AI risk control, with a similar business model of partnering with financial institutions for credit facilitation.
• Qifu Technology: NASDAQ-listed Chinese consumer finance platform (QFIN) spun out of 360 Finance, providing AI-driven credit decisioning and consumer loan matching with bank partners. Direct peer to 9F's WanKa platform and FireEye risk control, sharing the same "AI risk + bank partnership" business model.
• Lufax Holding: NYSE-listed Chinese fintech platform (LU) that connects borrowers with banks and other financial institutions, providing retail credit facilitation, wealth management, and institutional financial services. Directly comparable to 9F's T.E. (Tech Enabling) model of partnering with licensed banks to provide consumer finance and digital credit solutions at scale.
• X Financial: NYSE-listed Chinese online consumer finance and wealth management platform (XYF) providing loan facilitation with bank partners and robo-advisory services. Comparable to 9F's consumer finance and wealth management segments, with similar reliance on Chinese bank partnerships and a NASDAQ/NYSE listing profile.
• PPDAI Group: Formerly NASDAQ-listed (FINV) Chinese online consumer finance marketplace providing loan facilitation services. Closely comparable to 9F's original internet-finance-to-bank-facilitation model, with similar regulatory exposure in Chinese online consumer lending.

Broad incumbents

• Ant Group: Unlisted Chinese fintech giant operating Alipay and a full-stack digital finance platform including consumer credit (Huabei), wealth management, and embedded finance infrastructure. Listed alongside 9F in multiple industry rankings; represents the scaled incumbent 9F's T.E. model is positioned against, though Ant's direct-to-consumer model differs from 9F's B2B tech-enabling focus.
• WeBank: Unlisted Chinese digital-only bank backed by Tencent, providing consumer microcredit (Weilidai), wealth management, and embedded finance APIs. Comparable to 9F's digital wallet, risk control, and bank-as-platform model, with a larger consumer brand but a similar technology-first, B2B2C orientation.
• Ping An OneConnect Bank: Hong Kong-listed (6638.HK) banking-as-a-service and digital finance subsidiary of Ping An Insurance Group, providing technology and risk services to banks. 9F signed a 30 billion RMB strategic cooperation with Ping An One Account in May 2019, making it both a major partner and a structural peer in the B2B bank-tech-enablement space.

Emerging players

• Du Xiaoman (Baidu Finance): Chinese fintech subsidiary of Baidu providing consumer credit (Xinyong Jin), wealth management, and small business lending. Comparable to 9F in deploying AI risk scoring for consumer finance, though Baidu's broader tech platform provides different distribution advantages than 9F's bank-partner model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries12 records

Funding overview

Funding rounds6 records

Investors7 records

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

M&A1 record

Investments12 records

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

Frequently asked questions about 9F Group