Competition

Competitors describe Qifu Technology, Inc.'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

FinVolution Group (FINV)

The closest structural analog to Qifu: a large, profitable, capital-light Chinese loan-facilitation platform that connects consumer and SME borrowers with licensed funding partners, competes on take rate and funding cost, and operates under the same October 2025 loan-facilitation rules — while diversifying internationally.

FinVolution reports FY2025 group revenue of RMB13.6 billion and full-year transaction volume of RMB200 billion (down 2.9%), citing China regulatory uncertainty, while international revenue rose to 31% of the quarter's total.

Tiezheng Li, Chief Executive Officer: we delivered full year group revenue of RMB 13.6 billion, up 3.8% year-over-year. Net profit also rose to RMB 2.5 billion, a 6.6% increase from last year. The resilient financial performance was achieved despite the regulatory uncertainty in China in the second half of the year, which tempered the full year transaction volume to RMB 200 billion, down 2.9% year-over-year. Our local excellence global outlook strategy has unlocked diversification value and brought much needed resilience to our platform. In 2025, our international business grew significantly. Our volume increased by 38.6% and revenue rose by 32.0% year-over-year. Most notably, international business contributed 31% of revenue for the quarter, significantly higher than 21% just a year ago.

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FinVolution's CFO states it added new funding partners and cut funding cost 20bps to 3.4% in Q4, with take rate holding steady at around 3%.

Jiayuan Xu, Chief Financial Officer: We continue to deepen our engagement with funding partners as the funding supply of dynamics start to normalize. In Q4, we added new funding partners and further reduced funding cost by 20 basis points quarter-on-quarter to 3.4%. Overall, our take rate held steady at around 3%.

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FinVolution's CEO frames the October 2025 Internet loan-facilitation rules as reshaping loan mix and asset risk profiles, and reports its China institutional funding partners expanded from 114 to 119 in the quarter.

Tiezheng Li, Chief Executive Officer: we have now delivered 18 consecutive quarters of yearover-year growth in both transaction volume and revenue, a strong testament to our resilient business fundamentals in today’s fast-changing macro landscape. As discussed in last quarter’s earnings call, regulation in China’s consumer finance sector have been evolving. With the implementation of the new regulation of the Internet loan facilitation business in October. We believe it may have implication to the loan mix and the risk profile of the assets in the industry, and we are closely monitoring the latest development and the dynamics of the sector. We maintain active dialogue with our funding partners, which expanded from 114 to 119 in the second quarter to maintain relatively stable funding supply and prepare in advance for the potential impacts on our transaction volumes and risk metrics.

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LexinFintech Holdings (LX)

A direct consumer credit-tech competitor (Fenqile) targeting the same young, prime and small-business borrowers with AI risk models, funding-partner networks and the 24% APR ceiling — and one of the few peers that explicitly describes the shared China credit-service market and its rivals in its filings.

LexinFintech's FY2025 annual report characterizes China's credit-service market as well-developed and highly competitive, naming major internet companies, traditional financial institutions and other installment-loan providers as rivals and claiming edges in scenarios, risk efficiency and user experience.

The credit service market in China is well-developed and highly competitive. As a leading credit technology-empowered consumer financial service enabler in China, we compete with major internet companies, traditional financial institutions, and other installment loan service providers with similar business matrix. Some participants in the internet industry have built up large user bases relying on their strengths in e-commerce platform scenarios and financial resources. With the more active implementation of anti-monopoly policies in China, we expect the market landscape to change in favor of smaller players, with more opportunities to develop their strength and gain market share in their specific market segments. We are strategically focused on the young generation consumers that are not fully covered by traditional financial institutions. Our consumption scenarios, risk management efficiency and superior user experience are major and unique competitiveness that we enjoy over banks and other platform operators.

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On its Q4 FY2025 call, LexinFintech management describes capping all new loans at or below the 24% comprehensive-rate ceiling and attributes a sharp net-income drop to that pricing cut and to deliberately shrinking loan volume.

Xigui Zheng, Chief Financial Officer: We have strictly followed the regulatory requirements, ensuring that the comprehensive interest rate for all new loans is capped at or below 24%. Following the implementation of these new regulations, we observed elevated volatility in industry-wide credit risk. This complex market environment created challenges for our performance. In the fourth quarter, our net income recorded RMB 214 million. This sequential decrease was primarily driven by the pricing adjustment to strictly complying with the 24% cap, coupled with the contraction in loan volume resulting from our prudent strategy to proactively manage risk exposure.

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LexinFintech's FY2025 annual report states its cumulative loan originations since 2013 and annual origination volumes of RMB250bn, RMB212bn and RMB205bn for 2023-2025, served to roughly 8.2 million active users.

From our inception in August 2013 through December 31, 2025, we cumulatively originated RMB1,531 billion (US$219 billion) in loans. In 2023, 2024 and 2025, we originated RMB250 billion, RMB212 billion and RMB205 billion (US$29.4 billion) in loans, respectively, for approximately 8.5 million, 8.2 million and 8.2 million active users.

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Lufax Holding (LU)

A large China consumer/SME-credit facilitator whose strategic path diverges sharply from Qifu's capital-light model: Lufax has shifted to a capital-heavy '100% guarantee' model, taking credit risk onto its own book — a live contrast for how facilitation economics can be structured in the same market.

Lufax states the share of outstanding loans on which it bears credit risk rose from 23.5% (2022) to 39.8% (2023) and 74.5% (2024) as it guarantees a larger loan proportion.

We have increased the percentage of outstanding loans with credit risk exposure for our company from 23.5% as of December 31, 2022, to 39.8% as of December 31, 2023, and further to 74.5% as of December 31, 2024.

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Lufax discloses a cumulative 25.9 million borrowers as of December 31, 2024, with active borrowers of 4.8m (2022), 3.9m (2023) and 5.0m (2024).

We had a cumulative total of 25.9 million borrowers as of December 31, 2024. The number of active borrowers for whom we enabled loans was 4.8 million in 2022, 3.9 million in 2023 and 5.0 million in 2024.

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Lufax's Co-CEO states that new business under its 100% guarantee model carries a gross take rate approaching 14 percentage points, roughly double the prior CGI-model level.

Gregory Gibb, Co-CEO and Director: if you look at new business that's now being done under the 100% guarantee model, the gross take rate is approaching 14 percentage points, right? So basically, it's effectively a doubling from where we were a couple of quarters ago, as we shift from the CGI model now to more and more under the guarantee model. So this is a trend that we will expect to continue. So as we move throughout the course of this year, such that more and more of the book is 100% guarantee model, you should see the overall take rate converge up to about 14%.

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X Financial (XYF)

A direct loan-facilitation competitor connecting prime borrowers with institutional funding partners via proprietary big-data risk models, navigating the same Notice 9 / 24% pricing-cap regime and competing on funding cost and asset quality.

X Financial's CFSO tells investors that Notice 9 (issued by the NFRA on April 1, 2025) is driving a de facto 24% total-borrowing-cost ceiling across the industry, with microcredit and consumer-finance lenders potentially facing even lower caps.

Noah Kauffman, Chief Financial Strategy Officer: The most significant development was Notice 9 issued by the National Financial Regulatory Administration on April 1, 2025, which requires commercial banks to strictly control total borrowing costs. While Notice 9 does not explicitly stipulate a hard cap, in practice, a 24% annum ceiling on total borrowing costs for a single loan is generally being implemented and enforced across the industry. Importantly, 24% may not represent the outer boundary of that pricing pressure. Regulatory authorities have continued to tighten borrowing cost caps applicable to microcredit and consumer finance companies, and those entities may face de facto requirements set below that level. The pace and manner of implementation across different institution types and jurisdictions remain highly uncertain, and we currently have no reliable basis on which to predict the ultimate scope or trajectory of these limitations.

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X Financial's FY2025 20-F describes its business as a technology-driven loan-facilitation platform connecting borrowers to institutional funding partners, with its primary Xiaoying Credit Loan product, total loans facilitated of RMB 130,552 million in 2025 and a 31–60 day delinquency rate rising to 2.90%.

X Financial is a leading Chinese fintech platform focused on technology-driven personal finance and loan facilitation, committed to connecting borrowers with institutional funding partners through proprietary big data-driven technology. We have established strategic partnerships with financial institutions across multiple areas of our operations, enabling us to facilitate loans to prime borrowers under a robust risk assessment and control system. We offer differentiated products specifically catered to the financing needs of individuals in Chinese Mainland. Our primary loan product is Xiaoying Credit Loan, a category of online personal credit loan products facilitated through our platform, including our flagship product Xiaoying Card Loan — which offers borrowers a combination of small credit lines and attractive interest rates — and other unsecured loan products we introduce from time to time. In 2023, 2024, and 2025, total loans facilitated amounted to RMB 105,557 million, RMB 104,889 million, and RMB 130,552 million, respectively. The delinquency rate for outstanding loans 31-60 days past due increased from 1.17% as of December 31, 2024 to 2.90% as of December 31, 2025. As of December 31, 2023, 2024, and 2025, the IRR of our major loan products did not exceed 36%.

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X Financial reports Q3 2025 loan facilitation of RMB 33.64 billion, RMB 62.83 billion outstanding balance, roughly 2.44 million active borrowers, and says it strengthened AI-driven analytics for borrower identification and early delinquency detection.

Noah Kauffman, Chief Financial Strategy Officer: On the operational overview, during the quarter, we facilitated RMB 33.64 billion in loans, up 18.7% year-over-year and ended the period with RMB 62.83 billion in outstanding loan balance, up 37.3% from last year. We facilitated approximately 3.48 million loans, representing a 32% increase year-over-year with an average loan size of RMB 9,654. Our active borrower base was approximately 2.44 million, 14.4% lower sequentially, but 24.2% higher year-over-year. These figures demonstrate the resilience of our franchise even as we moderated new origination activity to preserve credit quality. We refined our risk models, reduced exposure to lower tier channels and focused more heavily on established higherquality borrower sources. We also continued to strengthen our AI-driven analytics to improve borrower identification and early delinquency detection.

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Jiayin Group (JFIN)

A direct Chinese loan-facilitation competitor connecting underserved borrowers with financial institutions through a proprietary big-data risk model, competing on the same funding-partner relationships, take-rate mix and post-regulation pricing.

In its Q3 2025 earnings call, Jiayin Group's CEO reported RMB 32.2 billion in quarterly loan-facilitation volume (up ~20.6% YoY) and cooperation with 75 financial institutions plus 64 more under negotiation.

Yan Dinggui, Chief Executive Officer: In this quarter, the company facilitated RMB 32.2 billion in loan volume, a year-on-year increase of approximately 20.6%, and reported non-GAAP income from operation of RMB 190 million, up around 50.3% year-on-year, achieving our previously issued guidance. During the reporting period, the company maintained cooperation with 75 financial institutions, with another 64 under negotiation. We have been included in the white list by most of our partner financial institutions, providing a solid foundation for stable funding supply.

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On its Q2 2025 call, Jiayin Group's CFO said facilitation-service revenue rose ~70% YoY to RMB 1.609 billion and grew to 85% of total revenue (from 64%), while lower-margin guarantee revenue fell from ~29% to under 7%.

Chunlin Fan, Chief Financial Officer: the company’s facilitation service revenue reached RMB 1.609 billion, about a 70% increase compared to the previous year. In terms of revenue contribution, facilitation service revenue share of the total revenue increased from 64% in Q2 last year to 85% in Q2 this year. Correspondingly, the proportion of lower margin guarantee-related service revenue decreased from about 29% in Q2 2024 to less than 7% in Q2 2025

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Yiren Digital (YRD)

A direct — if more diversified — Chinese loan-facilitation competitor whose credit business relies on the same institutional-funding-partner model and repeat-borrower economics, and which frames the tightening-regulation landscape as thinning the field of national-level players.

Yiren Digital's FY2025 annual report characterizes its competitive landscape, stating that as domestic regulation tightens and entry barriers rise, fewer national-level loan-facilitation players remain while smaller platforms cease operations, leaving more market-share opportunity for firms like itself.

The industries our company and the VIEs are operating in are competitive and evolving. We compete with financial products and companies that attract borrowers and clients, partners, or all of these. For our credit solution business, our company and the VIEs compete with other consumer finance marketplaces and loan facilitation platforms that were intensely competitive before the year 2018. However, as the domestic regulations on the industry evolve and entry barriers continue to increase in recent years, fewer national-level players like us remain in the market while smaller platforms cease their operations, leaving more market share opportunities for us.

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On its Q2 2025 call, Yiren Digital's CFO reported financial-services loan-facilitation volume up 57% YoY to RMB20.3 billion, repeat borrowers at 77% of volume (up from 56% a year earlier), and segment revenue up 75% YoY to RMB1.5 billion, contributing about 90% of total net revenue.

Ka Chun Hui, CFO: In the financial services segment, total loan facilitation volume increased by 57% year-overyear to RMB 20.3 billion in the second quarter. The increase was driven by the strong demand for our small revolving loan products and the growth of repeat borrowers, which accounts for 77% by loan volume in the second quarter this year, up from 56% a year ago. The revenue from this segment increased by 75% year-on-year to RMB 1.5 billion in the second quarter. This segment contributes about 90% of the total net revenue of the company.

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Competition

FinVolution Group (FINV)

LexinFintech Holdings (LX)

Lufax Holding (LU)

X Financial (XYF)

Jiayin Group (JFIN)

Yiren Digital (YRD)

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