Recently,FinVolution (NYSE: FINV) released its first quarter financial report for 2026, achieving a net income of 3.21 billion yuan and a net profit of 421 million yuan, exceeding market expectations.

In the quarter, overseas business revenue increased by 34.5% year-on-year, reaching 949 million yuan, contributing nearly 30% of the group's total revenue. This means that FinVolution is breaking away from pure domestic market narrative and entering a new stage of exchanging space for growth and driving profits through globalization.

1、 Revenue slightly decreased in the 26th quarter, with overseas customers taking the lead

Firstly, let's take a look at the core financial data of this financial report. During the reporting period, FinVolution's financial performance showed a characteristic of "slight decrease in revenue and pressure on profits".

From the above table, it can be seen that net income increased by 6.2% month on month, decreased by 7.8% year-on-year, and net profit decreased by about 43%. The decline in profits mainly comes from the following two aspects:

Domestic customer groups actively adjusted, resulting in a reduction in service fee income: FinVolution took the initiative to adopt a "prudent risk management" strategy and reduced and cleared some high-risk, low yield domestic and off balance sheet loans, leading to a year-on-year decrease in loan facilitation service fee income in the first quarter, resulting in a year-on-year decline in total revenue.

The increase in assets on the balance sheet has triggered technical provisions for reserves: In order to support the rapid and stable implementation of new business lines in multiple countries, the balance of on balance sheet loans in domestic and foreign markets has increased, resulting in a technical provision for accounts receivable loan reserves in the first quarter of 218 million yuan (a significant increase from 85.4 million yuan in the same period of 2025), directly eroding the current net profit from the books.

However, the biggest highlight of the data is the strong growth in overseas revenue.

In the first quarter, FinVolution's overseas market achieved a net revenue of 949 million yuan, a year-on-year increase of 34.5%, accounting for 29.6% of the total revenue, compared to only 20.3% in the same period last year. This marks that the overseas business has officially entered a stable profit contribution period from the early investment period, becoming an important growth engine for the group.

2、 Domestic initiative to slow down, overseas growth plays a hedging role

From the perspective of business scale, FinVolution is currently in the stage of proactive adjustment and structural switching. The following set of data clearly reflects this strategic shift.

In the first quarter of 2026, FinVolution's total transaction volume (GMV) decreased by 18.2% year-on-year to 42.6 billion yuan, with the domestic market GMV falling by 21.6% to 38.5 billion yuan, reflecting the company's strategic adjustment to actively shrink low-quality businesses and focus on high-quality customer groups.

In sharp contrast to the contraction of the domestic market, the GMV of overseas markets increased by 36.7% against the trend to 4.1 billion yuan, becoming the only sector to achieve positive growth in scale this quarter, directly offsetting the downward pressure on the overall business. On the income side, the efficiency advantage of overseas markets is particularly prominent: with only 10% of the transaction volume, it contributes nearly 30% of the revenue (949 million yuan), and the unit transaction revenue conversion ability is significantly higher.

While the business is growing rapidly, overseas cost control is also impressive. According to the financial report, overseas sales and marketing expenses in the first quarter decreased by 7% year-on-year to 492 million yuan. The management pointed out in the conference call that the optimization of customer acquisition costs is mainly due to the introduction of AI technology and the continuous iteration of credit models. Dian Dian Data Analysis believes that the counter trend tightening of sales expenses has effectively verified the feasibility of FinVolution's strategy of "low-cost replication of technology going global" and full line profitability.

This quarter, overseas business fully played the role of "performance stabilizer" for Xinye Technology. This performance of hedging domestic contraction with high conversion cannot be separated from its long-term commitment to global depth layout.

3、 Overseas Territory: One Super, Many Strong, Wide Testing of Waters

Behind the nearly 1 billion overseas revenue in a single season is FinVolution's overseas strategy of "early layout, deep localization, and fast replication".

DianDian Data supports querying all related applications of the target company in the global application market based on company dimensions. It can easily obtain core data such as cumulative downloads and month on month changes of the target company's apps with just one click, enabling quick positioning of the company's product layout and growth dynamics in different markets. FinVolution's main applications include Paidai Loan, AdaKami, JuanHand, etc., and its overall scale ranks among the top financial technology companies in the statistics.

At the same time, DianDian Data Platform also supports viewing download distribution details by country/region dimension. Through intuitive global heat maps and detailed tables, it clearly presents the download contribution, channel proportion, and trend changes of each region, providing full chain data support for overseas business analysis from the overall enterprise to regional markets.

Further reading the details page of FinVolution,FinVolution has shown outstanding performance in Southeast Asian markets such as Indonesia and the Philippines, in addition to China, which is consistent with the trend of overseas market revenue growth in the company's financial report.

Indonesia: Overseas Base Camp

FinVolution began to expand its presence in the Indonesian market as early as 2018, launching its platform AdaKami. In late 2019, AdaKami officially obtained a financial lending institution license from the Indonesian Financial Services Authority (OJK) to conduct local business in compliance.

According to DianDian data monitoring, AdaKami, the core product of FinVolution in Indonesia, has consistently ranked in the top 25 financial applications on Google Play. In March 2026, it rebounded to 10th place, outperforming performance indicators in the market. This indirectly reflects that it has achieved certain results in customer acquisition strategies, risk control adjustments, or scene expansion in mature Indonesia.

Philippines: Second Growth Pole

The joint venture subsidiary WeFundLending Corp. established by FinVolution in the Philippines in 2019 has officially landed and started preparing for local business, opening its second international expansion. In 2020, JuanHand began full-scale promotion and large-scale operation.

JuanHand, as the core product of FinVolution in the Philippines, presents a development characteristic of "steady climbing, high-level explosion, and fluctuating stabilization". At the beginning of 2022, its monthly download volume was less than 100000 times, and in 2024, it experienced a major outbreak, approaching a peak of 600000 per month. By the first quarter of 2026, the monthly scale has slightly declined, but remains stable in the range of 250000 to 300000 transactions, ranking among the top 5 in the Philippine market.

Australia: Exploration of Developed Countries' Markets

FinVolution acquired Australian licensed lending platform FundoLoansPtyLtd in October 2025 and announced its entry into Australia in early 2026, marking the official extension of its global presence to developed country markets. According to the CEO's earnings call, local trading volume increased by 25% year-on-year in the first quarter.

According to DianDian data monitoring, the Australian application Fundo was first launched in the app market in July 2025, with 26 updates in the AppStore alone in the past year. The stable and efficient iteration pace of the version confirms the group's continuous technical investment and localization optimization after the acquisition. From the trend after the application was launched, the user activity scale showed a steady upward trend, with approximately 5000 monthly active users in the first quarter of 2026. Currently, it is still in the initial stage of business development.

DianDian Data Analysis believes that as a mature market, the monthly active scale of top lending applications in Australia is on the order of 100000. In contrast, Fundo's current user base is still low, and there is still significant room for expansion in terms of user and business growth based on compliant and refined operations in the future.

Looking at the global market, FinVolution is adopting a dual wheel model of heavy asset licensing and light asset technology output, achieving business implementation in multiple countries and forming a clear and hierarchical global layout.

As the proportion of overseas revenue approaches the critical point of 30%, FinVolution is no longer solely relying on the domestic market as a credit matching platform, but has truly entered a new stage of internationalization as a consumer finance technology company.

In the future, with the continuous increase of overseas business, once the proportion of overseas revenue exceeds 50%, globalization will no longer be just a narrative for FinVolution, but its core foundation.