SHENZHEN, China, June 29,
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 Fenqile, its
e-commerce-driven installment finance platform, is teaming up with
Burger King in a joint marketing campaign as part of its efforts to
expand the use of installment payments.
The campaign, driven by a mutual focus to serve the young
generation between Fenqile and Burger King, includes a stored value
card worth RMB390, which can be
bought with a discount of 28 percent and be used for food and
beverage purchases at more than 800 Burger King stores across
China from June 25 to September 25. The card, tailored
exclusively for the campaign, is sold on Fenqile and customers can
choose to pay for it with credit from different installment
plans.
The cooperation is the first time that Burger King, one of the
largest fast food hamburger chains in the world, has teamed up with
a Chinese consumer finance company, as it explores new ways to
engage customers and seeks to tap the huge potential from rising
consumption fueled by the use of installment payments among
China's young people.
It also marks Fenqile's latest initiative to expand the use
of installment payments from online to brick-and-mortar stores, to
better serve its customers, who are primarily educated young adults
in China.
Fenqile began as a platform selling computers, smartphones and
other consumer electronics, and has been increasing offerings by
adding additional product categories to meet the growing needs of
its customers. Customers can now buy a wide range of products on
Fenqile, from cosmetics and personal care to plane and train
tickets.
The use of installment payments is on the rise in China, and will continue to grow in the next
few years, as an increasingly large number of young people are
gaining credit to improve their quality of life. Along with the
expansion of consumer credit, the concept of making purchases on an
installment basis is increasingly seen not just as a way to satisfy
an urgent need, but also as a normal method of shopping, according
to a January report published by Lexin with support from its
e-commerce partners including Apple, Dell, L'Oreal, and
P&G.
Installment payments usage is shifting from a low-frequency form
of consumption to a high-frequency form of routine consumption. The
annual average number of orders per user paid for by installments
on Fenqile has increased in the past three years, to 11.2 in 2017,
from 10.6 in 2016, and 7.2 in 2015.
Increasingly, installment payments are shifting from the one-off
purchase of bigger ticket items, to smaller purchases. The use of
Installments are no longer limited to more costly consumer goods,
such as computers and smartphones, but are increasingly involved in
all aspects of life, such as travel and catering.
The joint campaign is supported by Lexin's Hawkeye risk
management engine, which will be in place to assess new customers'
creditworthiness.
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. ("Lexin" or the "Company") 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 online consumer
finance platform, Fenqile, with advanced risk management
technologies, the Company's Dingsheng asset distribution and fund
matching 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. By serving
the credit needs of China's
educated young adults, Lexin helps its more than 20 million
registered users to enjoy a better quality of life through the use
of better credit.
For more information, please visit:
http://ir.lexinfintech.com.
To follow us on Twitter, please go to:
https://twitter.com/LexinFintech.
For media inquiries, please contact:
Limin Chen, LexinFintech Holdings
Ltd
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexinfintech.com
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SOURCE LexinFintech Holdings Ltd.