Fintech company FinVolution Group (NYSE: FINV) has reported a 4.1% increase in annual revenue to $1.8 billion for 2024, reflecting steady expansion and innovation in AI-driven credit technology. Net profit remained stable at $327.1 million, while transaction volume grew by 6.1% to $28.2 billion.
The company’s international business continued its strong momentum, accounting for 21.4% of total revenue in Q4 2024. This growth was supported by 2.2 million new borrowers outside China, a 61% year-on-year increase.
CEO Tiezheng Li credited FinVolution’s success to its strengths in technology, customer acquisition, and retention, expressing confidence in its future as a leading fintech player across the Pan-Asian region.
Expanding Global Footprint
As part of its “Local Excellence, Global Outlook” strategy, FinVolution has been expanding into key international markets. The company secured major financial licences in 2024, including:
- A Non-Banking Financial Company (NBFC) licence from the Securities and Exchange Commission of Pakistan (SECP).
- A majority stake in an Indonesian multi-finance company, allowing it to diversify into offline consumption loans for items such as mobile devices and electronics.
- Accreditation as a Special Accessing Entity (SAE) by the Credit Information Corporation (CIC) of the Philippines.
In Indonesia, its largest overseas market, FinVolution shifted towards higher-quality borrowers, leading to an 11% rise in transaction volume in the second half of 2024 to $506.9 million. The company also expanded its funding network, adding Super Bank, bringing its total Indonesian funding partners to 10.
Meanwhile, in the Philippines, FinVolution became the first fintech firm to introduce institutional funding via its loan facilitation model, partnering with five major institutional lenders. The firm also expanded its Buy Now, Pay Later (BNPL) services, embedding them directly into major e-commerce platforms to enhance consumer access to credit.
Looking ahead, FinVolution aims for 50% of its revenue to come from international markets by 2030, with further expansion into Pakistan and other countries in 2025.
Advancing AI-Driven Credit Technology
FinVolution continues to invest heavily in AI to optimise credit services, launching “Rice Seeds”, its proprietary Large Language Model (LLM), in 2024. The AI tool enhances credit risk assessment, fraud detection, and customer service interactions.
The company also introduced Zeta, an AI-powered application platform, complementing its E-LADF AI development platform launched in 2023. Together, these systems support over 1,000 AI applications across customer acquisition, risk control, and user engagement, with notable improvements:
- AI-driven advertising reduced marketing costs by 60%.
- Visual AI models improved fraud detection accuracy to 99%.
- AI-powered customer service tagging increased conversion rates by 9%.
- AI-generated call summaries boosted efficiency by 20 times.
With global expansion and AI innovation at its core, FinVolution remains committed to driving financial inclusion and sustainable growth in emerging markets.
