FinVolution revenue grows 10 percent in Q2

New York-listed FinVolution Group, a Shanghai-based financial technology firm, posted 10 percent revenue growth in the second quarter.

FinVolution also announced a new share repurchase program valued at up to US$60 million to show its confidence in the fintech market.

During the latest quarter, the company’s revenue increased to 1.81 billion yuan (US$260 million). Net profit was 454 million yuan and loan value was 13.1 billion yuan. Its registered user base reached 110.4 million and its number of borrowers hit 18.4 million by June 30, according to FinVolution. 

The “healthy and solid” results came from “timely measures we adopted in response to the pandemic outbreak, the subsequent gradual economic recovery in China and our unwavering focus on comprehensive credit risk controls,” said FinVolution’s Chief Executive Zhang Feng. 

During the COVID-19 outbreak, FinVolution strengthened risk management for an improvement in delinquency rates among newly facilitated loans, among other positive changes.

The company, serving personal and SME borrowers, has expressed confidence in fintech development in China, especially in the consumer finance segment.

In the second quarter, FinVolution’s research investment reached 83.4 million yuan, in line with the first quarter. In the past five years, the company has invested more than 1 billion yuan in research.