Fast-growing Chinese fintech company LianLian DigiTech has successfully finished the 2024 financial year, witnessing a strong total payment volume (TPV) increase.
LianLian DigiTech announced its annual financial results for 2024, reporting that its digital payment business reached RMB 3.3 trillion in volume, representing a 64.7% year-on-year increase.
As for other positive developments, the company increased its client base to 5.9 million, while its revenue surged by 27.9% year over year, reaching RMB 1.315 billion. LianLian’s gross profit rose by 18.2% to RMB 683 million, sustaining a solid gross margin of 51.9%. Additionally, the fintech company achieved a notable turnaround in profitability. The report showed an adjusted net income of RMB 78.7 million, a sharp improvement from the adjusted net loss of RMB 403 million in 2023.
During the reporting period, LianLian DigiTech’s revenue came primarily from its digital payment services in both cross-border and domestic markets. They totalled RMB 1.151 billion — a 31.6% increase from the previous year. This growth highlights the company’s effective use of internal and external resources. The focus on high-value services also proved successful, with revenue from value-added services increasing by 9.5% year over year to RMB 146 million. This growth was driven by a strong corporate demand for data-powered marketing tools and a significant rise in virtual card transactions.
Xin Jie, Executive Director and CEO of LianLian DigiTech stated that 2024 was a crucial year for the company. To begin with, it had a successful Hong Kong IPO, raising approximately HK$657.15 million (US$84 million) which is more than the company initially expected. Besides, the fintech managed to deliver strong financial results despite global economic uncertainty and unfavourable business conditions.
The executive explained that strategic investments in global licensing, compliance, service quality, and client acquisition had accelerated the company’s international growth while laying the groundwork for scalable expansion. As of 2024, LianLian DigiTech obtained 65 global payment licenses and relevant legal qualifications, serving about 5.9 million merchants and enterprises across over 100 countries and regions, and supporting transactions in more than 130 currencies. Besides, last year’s Electronic Money Institution (EMI) License by the Commission de Surveillance du Secteur Financier of Luxembourg marked a significant milestone in LianLian’s global expansion efforts.
Xin Jie also emphasized that LianLian DigiTech would continue leveraging its licensing portfolio and advanced technologies, including AI and blockchain, to strengthen its core capabilities and infrastructure. At the same time, the company aimed to use technology to streamline operations and enhance customer success. As a publicly listed company, LianLian DigiTech remains committed to optimizing resources, expanding its market presence, and improving service quality to deliver outstanding customer experiences. These efforts, he noted, reinforced the company’s dedication to driving long-term shareholder value through innovation-led growth.
In 2024, LianLian DigiTech introduced several new digital tools to help businesses grow and adapt to online operations. The company launched omnichannel digital marketing services to help companies reach customers both online and offline. It also improved its proprietary business wallet, turning it from a simple payment tool into a more useful platform that supports industries like travel, hotels, recycling, and logistics in expense management, cross-border disbursements, and treasury optimization. By connecting different financial processes in one place LianLian DigiTech made it easier for businesses to handle their money and find new ways to grow.
Wei Ping, the company’s CFO, added that steady corporate revenue growth this year demonstrated its successful diversification into emerging business sectors. He also attributed this progress to a disciplined capital allocation strategy, which balanced strategic investments in innovation, licensing, and new business ventures with strict expense management. Notably, the IPO proceeds, along with the company’s strategic partnership with American Express, where they established the first licensed sino-foreign joint venture, Express (Hangzhou) Technology Services Company Limited (“LianTong”) – a bankcard clearing institution, strengthened LianLian DigiTech’s capital structure, providing a solid foundation for future growth and expansion.
