X Financial

X Financial is a Chinese fintech platform that facilitates personal finance and loans by connecting borrowers with institutional funding partners using its proprietary big data-driven technology. The company has strategic partnerships with financial institutions to facilitate loans to prime borrowers under a robust risk assessment and control system. X Financial offers products tailored to individuals in Chinese Mainland. Its primary loan product is Xiaoying Credit Loan, an online personal credit loan product category facilitated through its platform. This includes its flagship product, Xiaoying Card Loan, which provides small credit lines and interest rates, and other unsecured loan products introduced periodically. In 2023, 2024, and 2025, total loans facilitated were 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 its major loan products did not exceed 36%. X Financial uses its proprietary risk control system, WinSAFE, to create borrower risk profiles. This system uses data from traditional credit information providers, supplemented by social and behavioral data from internet and mobile platforms. Leveraging machine learning and data analysis, the company assesses borrower value, repayment capability, and propensity to repay to offer differentiated credit limits. The business model is not labor-intensive, and the company manages transaction and operating costs effectively through its highly automated risk management system and technology infrastructure, which can process large volumes of transactions simultaneously.