360 DigiTech, Inc. (QFIN): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of 360 DigiTech, Inc., trying to see past the stock ticker to the real business engine. Honestly, what you find is a fascinating hybrid: a China-based Credit-Tech platform that expertly juggles heavy capital lending with lighter, high-margin technology services. Look at the Q2 2025 numbers: they pulled in RMB 3.57 billion from their core credit business, but their platform services-the capital-light side-still chipped in a solid RMB 1.65 billion. This canvas breaks down exactly how they keep their proprietary AI models running, secure funding from institutional partners, and serve millions of underserved Chinese borrowers, so you can see the risks and the upside clearly. Dive in below to see the nine blocks that make this operation tick.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make the 360 DigiTech, Inc. (QFIN) platform work. These partnerships are essential because the company operates as a Credit-Tech platform, connecting borrowers with financial institutions, meaning they rely heavily on external capital and traffic sources to scale their fee-based revenue.

Institutional funding partners (commercial banks, insurance firms)

360 DigiTech, Inc. forges partnerships with a network of financial institutions, which include commercial banks and insurance firms, to fund the loans facilitated on its platform. This network is crucial for the capital-light model, where the company relies on partners to provide the principal for lending. The scale of the business supported by these partners is significant; for instance, the total loan origination volume in 2024 reached CNY 494.634 billion. As of September 30, 2025, the trailing twelve-month revenue stood at $2.3B.

• The platform seeks to enhance credit assessment for these institutions.
• Partnerships help the company access diverse funding sources.
• The capital-light model relies on these institutions for loan funding.

Strategic partner 360 Group for customer acquisition and traffic

The relationship with the 360 Group remains a foundational element for customer acquisition and traffic. This strategic link provides a consistent pipeline of potential borrowers and users to the 360 DigiTech, Inc. platform. While specific 2025 traffic contribution metrics aren't public, the platform's success is historically tied to this association.

ABS (Asset-Backed Securities) issuers for funding optimization

To optimize funding structures and manage balance sheet needs, 360 DigiTech, Inc. engages with Asset-Backed Securities (ABS) issuers. A concrete example of this funding activity is the issuance of international bonds in March 2025, totaling USD 600 mln with a coupon rate of 0.5%, maturing in 2030. This move reflects efforts to diversify funding away from purely balance-sheet financing. The company has been actively transitioning to a capital-light model, which saw the proportion of new loans under this model reach 58% by the third quarter of 2022, indicating a sustained need for securitization and external funding channels like ABS.

Online payment platforms for transaction processing

The end-to-end digital lending experience, from application to repayment, requires robust integration with established online payment platforms for seamless transaction processing. These integrations are necessary for the high volume of loan disbursements and collections across the platform.

Technology and data providers for enhanced risk modeling

The core value proposition of 360 DigiTech, Inc. rests on its proprietary credit assessment technologies, which depend on external technology and data providers. These partnerships supply the big data analytics and machine learning models used to assess creditworthiness and manage risk for the funding partners. The platform's ability to maintain strong profitability, with a 2024 net profit of about CNY 4.1 billion, is directly linked to the efficiency of these risk models.

Here's a snapshot of the scale these partnerships support as of late 2025 data points:

Finance: draft 13-week cash view by Friday.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Key Activities

You're looking at the core engine of 360 DigiTech, Inc. (QFIN) operations, the things they absolutely must do well to keep the platform running and profitable. It's all about tech, volume, and staying on the right side of the regulators.

Developing and refining proprietary AI/ML credit models

The foundation here is the technology that decides who gets credit and how much risk that entails. They are constantly tuning these models. For instance, as of the latest reports, their Machine Learning Model Accuracy stands at 92.7%. This process involves crunching massive amounts of data; they analyze over 3.5 million individual financial profiles. Speed is also key; the Real-time Risk Assessment takes only 0.03 seconds per application. Keeping this tech secure is a major activity, with the 2024 Cybersecurity Budget allocated at $47.2 million, aiming for a Threat Detection Accuracy of 99.6%.

Facilitating loan origination and servicing on the platform

This is where the money moves. The sheer scale of facilitation is what matters here. In the first half of 2025, the total loan facilitation and origination volume on the 360 DigiTech, Inc. (QFIN) platform increased by approximately 16% year-over-year, reaching RMB 84.6 billion. This activity is heavily leaning toward the capital-light model, which reduces the company's direct balance sheet risk. The take rate for the platform services in the second quarter of 2025 reached 5.4%. It's a high-volume game, plain and simple.

Acquiring and verifying new borrowers digitally

Getting new users onto the platform efficiently is a continuous task. The company has served more than 60 million users with approved credit lines on a cumulative basis by the end of the second quarter of 2025. Their mobile platform is central to this, boasting a Mobile App Download Count of 62.3 million users. The digital verification process results in a Mobile Loan Approval Rate of 76.4%. This scale is what feeds the origination engine.

Providing SaaS-like risk management services to institutions

Moving toward a capital-light structure means selling the technology as a service. 360 DigiTech, Inc. (QFIN) actively works to empower financial institutions with their tech stack. As of the end of the second quarter of 2025, the platform empowered a total of 165 financial institutions. This service pillar is expected to become a key pillar of their Technology Solutions business moving forward.

Managing regulatory compliance in the Chinese fintech sector

Navigating the Chinese regulatory environment is a non-negotiable key activity. A major part of this involves managing funding sources in a compliant way. For example, in the first half of 2025, their Asset-Backed Securities (ABS) issuance reached about RMB 14.4 billion, which was up about 45% from the same period last year. The company is executing a new share repurchase plan of up to $450 million in 2025, showing commitment to shareholder returns within the regulatory framework.

Here's a quick look at some of the core operational metrics driving these activities as of mid-2025:

The success of these activities is reflected in the platform's reach and financial health. The company's focus on technology-driven solutions is evident in the metrics they track:

• Mobile Loan Approval Rate: 76.4%.
• Cumulative Users with Approved Credit Lines: Over 60 million.
• Q4 2024 Platform Loan Volume: RMB 89.9 billion.
• FY 2024 Return on Equity (ROE): Hit 27.9%.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Key Resources

You're looking at the core assets that make 360 DigiTech, Inc. run, the things they absolutely need to make their value proposition work. Honestly, for a Credit-Tech platform, these resources are what separate them from a simple lending operation.

Proprietary AI and Big Data analytics technology stack

This technology is the engine. 360 DigiTech, Inc. is an AI-empowered Credit-Tech platform, relying on sophisticated machine learning models and data analytics capabilities to power its services. This stack supports the full transaction lifecycle, from initial credit application all the way through to settlement. The use of AI, ML, and big data is directly credited with driving user growth and improving risk management effectiveness.

Flagship mobile application 360 Jietiao

This application serves as the primary interface for delivering tailored online consumer finance products to prime, underserved borrowers. It facilitates the quick, hassle-free loan process that is a key differentiator against conventional banking. The platform is designed to make credit services more accessible and personalized for both consumers and Small and Medium-sized Enterprises (SMEs).

Large user base of over 43 million cumulative users (as of late 2022, latest available)

The scale of the user base is a critical resource, representing years of customer acquisition and data accumulation. As of the December 2022 corporate presentation, 360 DigiTech, Inc. had served over 43 million cumulative users. This massive pool of historical data feeds directly back into the proprietary AI/Big Data stack, creating a positive feedback loop for risk assessment.

Cash and short-term investments of RMB 13.34 billion (Q2 2025)

Liquidity provides operational flexibility and supports growth strategies, especially during transitions. The reported cash and short-term investments position as of the second quarter of 2025 was RMB 13.34 billion. This strong balance sheet supports their long-term growth objectives.

Intellectual property related to credit assessment and risk control

The algorithms and methodologies developed in-house are protected assets. This intellectual property is what allows 360 DigiTech, Inc. to mitigate risks effectively, which has helped them maintain consistent profitability even amid regulatory shifts. The company has made decent progress in transitioning to a capital-light model, which relies heavily on the strength of these non-capital-intensive technology solutions.

Here's a quick look at some recent financial scale to put the resource base in context, based on the third quarter of 2025 results:

Also, remember that the second quarter of 2025 saw revenue up 25% and non-GAAP net income up 31% year-over-year, showing strong operational momentum in that period. Still, the market capitalization as of late November 2025 was estimated around $19.53 per share, reflecting market sentiment.

The core resources are heavily weighted toward technology and data scale, which is typical for a Credit-Tech firm pivoting to a capital-light structure. You need to watch how they continue to monetize this IP and user base going forward.

Finance: draft 13-week cash view by Friday.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Value Propositions

You're looking at the core value 360 DigiTech, Inc. (QFIN) delivers to its ecosystem, grounded in their late 2025 operational metrics. This isn't just about moving money; it's about using technology to make credit flow more efficiently and safely.

Fast, hassle-free access to unsecured consumer loans

The platform's value proposition here is demonstrated by its scale and the efficiency of bringing new users onto the system. As of September 30, 2025, 360 DigiTech, Inc. (QFIN) served 38.1 million cumulative borrowers with successful drawdowns, marking a 15.1% year-over-year increase from September 30, 2024. The focus on efficient acquisition is clear:

• New credit line users grew 9% sequentially to 1.95 million in Q3 2025.
• The average cost per credit line user declined by 8% compared to the prior quarter.
• New borrower volume grew 10% sequentially to 1.35 million in Q3 2025.

Working capital financing for micro and small enterprises (SMEs)

While the primary focus remains on consumer credit, the expansion into technology-driven solutions supports the broader credit ecosystem, which includes SME working capital needs. The total facilitation and origination loan volume across the platform reached RMB83,280 million in the third quarter of 2025. The shift in product mix shows where the platform is directing its growth efforts, which often correlates with SME-focused digital products:

Superior, AI-driven risk assessment for financial partners

This is where 360 DigiTech, Inc. (QFIN) provides significant value to its institutional partners by managing risk in a complex environment. The company's commitment to risk control is evident in its operational metrics and model enhancements. Management reported completing 611 risk model iterations to navigate regulatory changes and tighten credit standards. The success of the AI engine is shown by the rapid adoption of its technology solutions:

The volume of loans facilitated through technology solutions, including the Intelligence Credit Engine ("ICE"), jumped approximately 218% QoQ to approximately RMB 5.4 billion in Q3 2025. Furthermore, proprietary AI agents are currently in bank pilots with approximately 50% engagement, signaling strong partner confidence in the AI's predictive capabilities. Despite these growth efforts, asset quality remained managed, with the 90-day delinquency rate at 2.09% and day-one delinquency at 5.5% for the quarter ending September 30, 2025.

End-to-end digital lending experience for both borrowers and lenders

The platform acts as the central digital conduit, serving both sides of the transaction with standardized technology. As of the end of Q3 2025, the AI-powered credit decision engine and asset distribution platform served 167 financial institutions. This digital infrastructure supports a growing balance sheet:

• Total outstanding loan balance was RMB138,113 million as of September 30, 2025.
• This outstanding balance represented an 8.1% increase year-over-year.

Credit access for underserved populations in lower-tier cities

The platform's value proposition centers on expanding credit access, which inherently targets populations less served by traditional banking. The growth in the cumulative user base underscores this reach. The platform's non-GAAP net income for the quarter was RMB 1.51 billion, providing the financial stability to continue investing in customer acquisition channels that reach these broader segments. The platform's ability to onboard new users efficiently, with the average cost per credit line user declining by 8% QoQ, helps keep the cost of access lower for these borrowers.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Relationships

You're looking at how 360 DigiTech, Inc. maintains its connection with the millions of borrowers and the financial institutions it serves. Honestly, the relationship strategy hinges on a digital-first approach, but with a crucial, high-touch layer for the money providers.

Automated, self-service digital platform experience

The core relationship with the end-borrower is almost entirely digital and self-directed. This is where efficiency is won or lost. The platform is designed to handle the full cycle, from application to disbursement, with minimal human intervention for the standard user. This scale is impressive; as of the third quarter of 2025, 360 DigiTech, Inc. had served 275.8 million users cumulatively since its start. Furthermore, the platform has approved credit lines for more than 60,000,000 users on a cumulative basis as of the second quarter of 2025.

The health of this automated relationship is reflected in asset quality. For instance, the 90-day delinquency rate was reported at 1.97% in the second quarter of 2025. Keeping that number low is the silent proof that the automated onboarding and matching process is working for the right customers.

Dedicated online customer support for loan inquiries and issues

While the process is automated, when things go sideways, you need a clear path to resolution. 360 DigiTech, Inc. relies on dedicated online channels for support regarding loan inquiries and any platform issues. This support function is critical for managing borrower trust, especially in a market where digital finance adoption is still evolving.

Data-driven personalization of loan product matching

The relationship is personalized through technology, not just human interaction. The platform uses its proprietary system, leveraging artificial intelligence and machine learning models, to match borrowers with the most suitable loan products offered by its partners. This is a key value proposition for the borrower, who often lacks traditional credit histories and needs tailored options. The goal is to ensure the customer receives an offer within their risk tolerance, which directly impacts repayment behavior.

Post-lending management and collection services

The relationship doesn't end at disbursement. 360 DigiTech, Inc. provides technological infrastructure for post-lending management, including collection strategies and efficiency improvements for its financial institution partners. This service is essential for maintaining the quality of the loan book that the partners fund. The platform's ability to manage risk and collections efficiently is what keeps the capital flowing onto the platform.

High-touch relationship management with institutional partners

This is where the high-touch element comes in, focusing on the suppliers of capital rather than the end-users. Managing these relationships is paramount to the capital-light strategy. The scale of this network is significant; the company works with a large cohort of financial institutions. The outline suggests 360 DigiTech, Inc. has a network of 165 funding partners.

Here's a quick look at the scale of the relationships that underpin the business model as of late 2025:

The relationship with these partners involves providing them with technology to enhance their digital finance capabilities, including credit assessment and risk management. The success of the capital-light model means that maintaining strong, numerous relationships with these funding sources is the primary driver for loan origination volume.

The customer-facing experience is also supported by the overall financial health, which you can see reflected in the recent earnings. For example, the Earnings Per Share (EPS) was reported at $3.58 as of September 30, 2025.

The key relationship touchpoints for 360 DigiTech, Inc. include:

• Real-time credit evaluation and matching.
• Automated loan servicing and repayment tracking.
• Data sharing protocols with institutional lenders.
• Proactive risk monitoring alerts for partners.
• Continuous platform updates based on user feedback.

If onboarding for new institutional partners takes longer than expected, the growth in capital-light origination could slow down. Finance: draft a 13-week cash flow forecast incorporating a 10% slower-than-expected institutional partner integration rate by Friday.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Channels

You're looking at how 360 DigiTech, Inc. gets its services in front of customers and partners as of late 2025. The channels are a direct reflection of their ongoing pivot toward a technology and platform-centric model, even with recent shifts in loan origination mix.

The primary digital storefront remains the flagship mobile app 360 Jietiao, which serves as the end-to-end digital lending experience, covering application, credit evaluation, disbursement, and repayment for consumers and SMEs. While specific 2025 active user counts for the app aren't public, the overall scale is massive; as of September 30, 2025, the company connected 167 financial partners with 283.7 million consumers on a cumulative basis. Furthermore, the number of cumulative users with approved credit lines reached 62.1 million as of September 30, 2025, a 12.6% year-on-year increase. The core user base accessing services through this digital front end reached 38.1 million cumulative borrowers with successful drawdowns as of September 30, 2025. This represents a 15.1% increase from September 30, 2024.

The online platform and website for loan applications work in tandem with the app, providing the infrastructure for the entire digital lending experience. This platform is where the proprietary credit assessment technologies and big data analytics are deployed in real-time for decision-making.

Direct integration with partner platforms for customer acquisition is critical, especially for the capital-light (technology solutions) side of the business. The company's scale here is evidenced by the 167 financial partners connected as of September 30, 2025. These partners-commercial banks, insurance firms, and online payment platforms-are the direct recipients of the technology solutions and the source of the loan principal for capital-light transactions. The total loan facilitation and origination volume on the platform in Q3 2025 reached RMB 83,280 million.

Data on third-party app stores and digital marketing channels is not explicitly broken out, but the overall customer acquisition strategy is reflected in the expense lines and the growth of the user base. The intense competition in the market means that marketing spend is a constant factor in maintaining visibility across these digital storefronts.

For the sales teams for institutional client acquisition (SaaS services), the channel is the direct B2B engagement with financial institutions to deploy their technology solutions, which fall under Platform Services revenue. The focus here is on selling the Intelligence Credit Engine (ICE) and other value-added services. While the exact number of institutional clients is not stated, the revenue derived from this channel shows its importance:

• Total Net Revenue for Q3 2025 was RMB 5.21 billion (or US$731.2 million).
• Revenue from Credit Driven Services (Capital Heavy) in Q3 2025 was RMB 3.87 billion (or US$543.4 million).
• Platform Services revenue (Capital Light/Tech Solutions) for Q3 2025 is inferred to be approximately RMB 1.34 billion (calculated as Total Revenue of RMB 5.21 billion minus Credit Driven Services Revenue of RMB 3.87 billion).
• The loan volume under the capital-light model (which includes technology solutions) in Q3 2025 was RMB 34,760 million, representing 41.7% of the total loan volume for the quarter.

Here's a quick look at the Q3 2025 operational scale across the platform, which is the core delivery mechanism for all channels:

Finance: draft the Q4 2025 revenue projection based on the Q3 Platform Services contribution of ~32% of total revenue.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Segments

You're looking at the core groups 360 DigiTech, Inc. (QFIN) serves as of late 2025, and the numbers show a massive scale, even with regulatory shifts.

Underserved retail consumers in mainland China

This segment represents the largest volume base for loan facilitation. The platform has served a cumulative total of 275.8 million consumers with approved credit lines as of Q2 2025. The total loan origination volume facilitated across the platform reached CNY 494.634 billion in 2024. The 30+ days delinquency rate for loans outstanding on the platform was reported at 1.16% as of December 31, 2024, though the 90-day delinquency rate was 1.97% in Q2 2025.

• Cumulative consumers served: 275.8 million (as of Q2 2025)
• 2024 Total Loan Origination Volume: CNY 494.634 billion
• Q3 2025 Revenue: $727.32M

Micro and small enterprises (SMEs) seeking working capital

The focus on SME lending is a growing part of the business. In the first quarter of 2022, SME loans accounted for approximately RMB 7.4 billion of the total loan origination volume for that quarter. This represented about 7.5% of the total loan origination volume in Q1 2022.

Young Chinese professionals needing installment credit

This group is often targeted for installment credit products. The average Annual Percentage Rate (APR) for loans was approximately 23.6% in Q1 2022, with a target average APR of around 23% post-transition. The take rate was targeted around 3%.

Institutional funding partners (banks, trusts)

360 DigiTech, Inc. (QFIN) relies on a network of financial institutions to fund the loans it originates. As of Q2 2025, the platform connected with 165 funding partners. The company's capital-light model means these partners provide the principal. The company's dividend payout ratio was 21.87%.

Other financial institutions seeking risk management technology

The technology platform itself is a service offered to other institutions. The company's total net revenue in 2024 was approximately CNY 16.5 billion, driven in part by platform services. Total operating costs and expenses for 2024 were CNY 11.9 billion.

The following table summarizes key operational and financial scale metrics relevant to these segments as of the latest available data points:

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Cost Structure

The cost structure for 360 DigiTech, Inc. is heavily influenced by funding the loan facilitation model, technology development, and customer acquisition efforts.

Funding costs for the capital-heavy model, reduced by ABS issuance

Funding costs saw sequential improvement in Q1 2025, decreasing by about 70 basis points sequentially. This reduction was supported by ample market liquidity and an increase in Asset-Backed Securities (ABS) issuance, with RMB 5.3 billion in ABS issued in Q1 2025. The company also issued international bonds in March 2025 amounting to USD 600 mln with a coupon rate of 0.5% maturing in 2030. The proportion of loan volume from the capital-light segment increased by approximately 10 percentage points to 53% throughout 2024, which structurally helps manage capital intensity.

Significant investment in technology and R&D for AI/ML models

While specific R&D expenditure is not itemized in the latest reports, technology investment is embedded within the overall cost base. Total operating costs and expenses for the full year 2024 reached CNY 11.9 billion. The strategic shift towards a capital-light model, relying on technology for credit screening and assessment, implies sustained investment in the underlying AI/ML infrastructure.

Sales and marketing expenses for customer acquisition

Sales and marketing expenses showed fluctuation based on acquisition strategy. For the fourth quarter of 2024, these expenses increased 25% Quarter-on-Quarter (Q on Q) but declined 5% year-on-year. In the first quarter of 2025, the company added approximately 1,450,000 new credit line users, compared to 1,700,000 in Q4 2024, reflecting intentional control over the pace of new user acquisition.

Personnel costs for technology, risk, and operations teams

Personnel costs are a component of the total operating expenses. The company added approximately 1,690,000 new credit line users in Q4 2024. The average acquisition cost per credit line user declined by 5.3% year-over-year in 2024, indicating efficiency gains across acquisition and operational teams.

General and administrative expenses, including regulatory compliance

General and administrative costs are included within the total operating expenses. The company's commitment to shareholder returns through buybacks and dividends in 2024 amounted to $410 million and $180 million, respectively, which impacts capital allocation but is separate from core operating costs.

Here are the key financial figures related to the cost base and scale of operations for 360 DigiTech, Inc. as of the latest available data:

The company's focus on efficiency is demonstrated by the ROE for 2024, which increased further to 27.9%.

• Capital-light loan volume proportion: 53% (End of 2024)
• Average IRR of originated/facilitated loans: 21.3% (Q4 2024)
• Total Loan Origination Volume: CNY 494.634 billion (2024)
• New Borrowers Increase: 16.2% year-over-year (2024)

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Revenue Streams

You're looking at how 360 DigiTech, Inc. (QFIN) actually brings in the money, which is key to understanding its valuation. The revenue streams clearly split into two main camps as of Q2 2025: the capital-heavy side and the capital-light side. This mix shows a strategic balance between direct lending exposure and pure technology service provision.

For the second quarter of 2025, the total net revenue hit RMB 5,215.9 million, which translated to about US$728.1 million. That's a solid number, but the real story is how that revenue is sourced.

Here's the quick math on the two primary segments for Q2 2025:

The capital-heavy segment, which involves 360 DigiTech, Inc. (QFIN) funding loans directly, generated RMB 3.57 billion in Q2 2025. This growth, compared to prior periods, was driven by increases in unbalanced loans and higher capital-heavy loan volume.

The platform services, the capital-light model, brought in RMB 1.65 billion in Q2 2025. This segment is where the technology focus really shines, as it's less reliant on the company's own balance sheet.

Breaking down the fees, which are central to the platform model, gives you a clearer picture of the technology service revenue. You see specific charges flowing from the facilitation and servicing activities:

• Loan facilitation and servicing fees from the capital-heavy model were reported at RMB 460.9 million (US$64.3 million) in Q2 2025.
• Loan facilitation and servicing fees from the capital-light model were RMB 326.8 million (US$45.6 million) for the same quarter.

The interest and guarantee income component is primarily embedded within the RMB 3.57 billion from Credit-Driven Services. While the exact split isn't always public, this revenue line captures the return from the capital the company deploys, including interest charged on those loans facilitated through consolidated trusts and microcredit entities.

Also, don't miss the value-added components, which are increasingly important, especially within the capital-light structure. Fees from ICE (Integrated Credit Exchange) and other value-added services are a key growth driver here. For Q2 2025, the 'Other services fees' line item specifically amounted to RMB 94.5 million (US$13.2 million). This category captures revenue from things like late payment fees and other technology services provided to partners, showing the breadth of the platform's monetization beyond simple origination fees.

Overall loan facilitation and origination volume on the 360 DigiTech, Inc. (QFIN) platform reached RMB 84.6 billion in Q2 2025. The take rate for the quarter stood at 5.4%, up almost one percentage point year-over-year, which is a direct measure of how effectively they convert volume into revenue across all these streams.

Finance: draft 13-week cash view by Friday.