SANYA, China, April 19, 2018 /PRNewswire/ -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (Nasdaq: LX), a leading online consumer finance platform for educated young adults in China, announced that it expects to invest RMB1 billion in cooperation with its partners over the next three years, to better serve its customers and to expand the use of credit services.
Jay Wenjie Xiao, Lexin's chairman and chief executive officer, made the announcement in Sanya on April 18 at the Lexin Partner Conference 2018, which is held annually to bring together the Company's partners to exchange ideas, and to explore opportunities for cooperation. Nearly 300 staff from Lexin's partner organizations in different sectors attended the conference this year.
"With the support of our financial partners, Lexin made significant progress in 2017 as our total registered users nearly doubled, and users who have made purchases on Fenqile grew by 42.5% from 2016 to 2017," Xiao said in his keynote "Fintech and the Future". "Over the past year, the number of our financial partners increased by 71%, and we facilitated the matching of loans valued at more than RMB20 billion for our financial partners."
"Lexin will further strengthen cooperation with our financial partners over the next three years with total investment of RMB1 billion," Xiao announced at the conference. "We will expand cooperation with financial institutions by offering co-branded credit cards, expanding our service to more use cases, and working on technology cooperation."
As part of its efforts to connect financial partners to Lexin's educated young adult cohort, Lexin plans to launch a new feature called "Lejie" on the Fenqile platform, through which users will be able to borrow cash from a list of financial institutions. Lexin also plans to issue more co-branded credit cards to its users and to support installment repayments to credit cards.
Meanwhile, the Company will provide access to installment financing to users on other e-commerce platforms and popular internet applications to make credit service more accessible by increasing use cases.
As an innovative fintech company, Lexin expects to assist more financial institutions to better manage the risks of their loan portfolios related to the educated young adult cohort through its fintech solutions and to help them diversify their services by allowing their customers to directly access Fenqile's e-commerce channel.
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer finance platform for educated young adults in China. As one of China's leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company's Dingsheng asset distribution technology platform, and the Company's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company's more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions.
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Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Lexin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin's goal and strategies; Lexin's expansion plans; Lexin's future business development, financial condition and results of operations; Lexin's expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin's expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For media inquiries, please contact:
LexinFintech Holdings Ltd.
Limin Chen
Tel: +86 (755) 3367-8888 ext. 6993
E-mail: liminchen@lexinfintech.com
ICR Inc.
Edmond Lococo
Tel: +86 (10) 6583-7510
E-mail: Edmond.lococo@icrinc.com
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