Consumer platform Lexin hits 100 million users
Shenzhen-based LexinFintech Holdings announced that it has hit 100 million registered users, which makes it one of the largest Generation Z-focused consumer platforms in China.
The financial technology firm’s user base grew by over 90 percent across the past three quarters consecutively, from the third quarter of last year to the first quarter this year.
Of note, it managed to add 11 million new users in the first three months of 2020 when the country was hit hard by the novel coronavirus pandemic, thanks to the younger generation’s ever-growing consumption demand.
China has over 200 million post-1990s adults, and they are fast emerging as the backbone of the country’s consumer market.
Chinese Gen Z accounts for 15 percent of the country’s household spending, compared with 4 percent in the US and the UK, according to a global survey by research firm OC&C Strategy Consultants in 2019.
Lexin’s installment e-commerce platform Fenqile, the first of its kind in China, was the third most influential online installment platform among Chinese young people aged between 18 and 29, only behind Alibaba’s Huabei and JD’s Baitiao, a Nielsen report said.
Lexin is a leading online consumption and consumer finance platform for educated young professionals in China. It provides financial technology services through Fenqile and membership benefits through its new product Le Card.