peekpublishersTLDR: FinVolution Group Experienced Strong Business Growth and Global Expansion in 2023
- FinVolution Group reported a net revenue of US$1,767.3 million in 2023, showcasing a 12.7% year-on-year growth.
- They experienced significant global expansion, with operational indicators like facilitated transaction volume and loan balance increasing.
FinVolution Group, a leading fintech company, released their financial results for 2023, highlighting impressive growth and expansion. They recorded a net revenue of US$1,767.3 million, with a 12.7% year-on-year increase, and a net profit of US$335.7 million. The company served nearly 30 million borrowers in China, Indonesia, and the Philippines, reaching a net increase of around 3 million new borrowers over the previous year. Their funding sources also expanded to 94 financial institutions.
Since 2018, FinVolution has been returning value to shareholders through share buybacks and dividends, totaling approximately US$160 million in 2023. The company’s global reach extended with localized online lending platforms like “AdaKami” in Indonesia and “JuanHand” in the Philippines. Their innovative AI voice service platform “Blu” empowered fintech companies in six countries, leading to an 85.9% increase in international revenue.
FinVolution’s technological advancements included breakthroughs in AI microfinance service platform construction, anti-fraud technology, and multi-language chatbots. Their commitment to small business owners was evident with the launch of the “Hailu Cloud System,” serving over 500,000 users. The company’s risk control system maintained a stable credit risk profile, intervening in suspected fraudulent activities and thwarting over 30,000 fraud attempts in 2023.
CEO Tiezheng Li emphasized the company’s ‘Local Focus, Global Outlook’ strategy for 2024, aiming to provide innovative financial services to borrowers in existing and new markets. With a strong commitment to technology, business expansion, and risk control, FinVolution Group is poised for continued success and development.
