FinVolution posts 13 percent revenue growth

FinVolution Group, a Shanghai-based financial technology firm, posted 13 percent revenue growth in the third quarter, thanks to more high-quality customers and the recovery of the Chinese economy.

The New York-listed firm invested 93 million yuan (US$13.7 million) in the quarter, up 11.5 percent year on year and bringing total research investment past 1 billion yuan.

The company’s net profit was 596.9 million yuan in the quarter, equal with that a year ago. Revenue totaled 1.79 billion yuan during the three-month period.

"We are pleased to attract higher quality customers to report better-than-expected results,” said Zhang Feng, CEO of FinVolution. "As China gradually emerges from the aftermath of COVID-19, our loan business recovery has been gathering momentum."

The company’s cumulative registered user base reached 112.8 million by September.

In the first eight months, Shanghai's financial transactions totaled 1.511 trillion yuan, up 16.6 percent from a year ago. The city is now home to more than 1,600 financial institutions with one-third of them overseas ones.