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Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Investments

The following table sets forth the investments the Group holds as of December 31, 2018 and 2019 respectively.

		As of December 31,
		2018				2019
Equity method investments			81,000				96,622
Non-marketable equity investments			86,501				856,211
			167,501				952,833

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

December 31, 2018
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Balance at Fair value
		RMB				RMB				RMB				RMB
Assets
Short-term investments
—wealth management products			—				1,694,660				—				1,694,660
Investments
—non-marketable equity investments			—				—				86,501				86,501
Financial guarantee derivative assets			—				—				56,287				56,287
Total Assets			—				1,694,660				142,788				1,837,448
December 31, 2019
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Balance at Fair value
		RMB				RMB				RMB				RMB
Assets
Short-term investments
—wealth management products			—				114,560				—				114,560
Investments
—non-marketable equity investments			—				—				856,211				856,211
Total Assets			—				114,560				856,211				970,771

Summary of Significant Unobservable Inputs used for Fair Value Measurement of Financial Guarantee Derivatives

The following table sets forth the significant unobservable inputs used for fair value measurement of financial guarantee derivatives:

		As of December 31,
		2018				2019
Expected default rate			0.46% - 12.37%			N/A

Summary of Movement of Non-Marketable Investments

The following table sets forth the movement of non-marketable investments measured using Level 3 valuation techniques:

		For the years ended December 31,
		2018				2019
Opening balance			—				86,501
Purchase of non-marketable investments			86,578				771,218
Disposal of non-marketable investments			—				(1,508	)
Fair value change			(77	)			—
Ending balance			86,501				856,211

Schedule of Interest Income, Interest Expense and Loan Provision Losses Related to Loans

The net interest income recorded in the consolidated statement of comprehensive income related to the loans originated by the Group recorded for the years ended December 31, 2017, 2018 and 2019 are as follows:

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Interest income			46,975				316,193				1,342,289
Less: Interest expense			(15,598	)			(60,085	)			(235,620	)
Net interest income			31,377				256,108				1,106,669

Schedule of Estimated Useful Life and Residual Value of Property and Equipment, Net

The following table sets forth the estimated useful life and residual value:

Category		Estimated useful life		Residual value
Office furniture and equipment		3-5 years			5%
Computer and electronic equipment		3-5 years			5%
Leasehold improvements		shorter of remaining lease period or estimated useful life			Nil
Software		1-5 years			Nil

Schedule of Guarantee and Quality Assurance Fund Obligations Movement Activities

The following table sets forth the Group’s quality assurance obligations movement activities for the years ended December 31, 2017, 2018 and 2019:

		For the years ended December 31,
		2017				2018				2019
Opening balance			473,704				2,062,844				3,819,379
Fair value of newly written guarantee and quality assurance obligation			3,318,432				5,313,489				6,156,826
Release of guarantee and quality assurance payable upon repayment			(2,506,141	)			(4,049,457	)			(6,718,809	)
Contingent liability			2,527,209				3,380,930				6,409,884
Payouts during the year			(4,812,797	)			(7,889,277	)			(12,299,134	)
Recoveries during the year			3,062,437				5,000,850				7,408,007
Ending balance			2,062,844				3,819,379				4,776,153

Schedule of Quality and Assurance Fund Receivable Movement Activities

The following table sets forth the Group’s quality assurance receivables movement activities for the years ended December 31, 2017, 2018 and 2019:

		For the years ended December 31,
		2017				2018				2019
Opening balance			286,812				1,152,769				2,064,366
Fair value of newly written guarantee and quality assurance obligation			3,318,432				5,313,489				6,156,826
Guarantee fee and quality assurance obligation contribution received from borrowers			(2,479,428	)			(4,244,259	)			(6,070,412	)
Gain (loss) from quality assurance			26,953				(157,633	)			(210,520	)
Fair value of early repaid investment program*			—				—				1,709,382
Ending balance			1,152,769				2,064,366				3,649,642

* Since November 2019, the Company early repaid investors of certain investment programs before maturity of the investment program due to our decision to discontinue our online lending information intermediary business. This is regarded as an advance to the borrowers, which resulted in an increase in quality assurance receivable. The initial recognition of such quality assurance relievable was based on best estimate of future cash receipt of the underlying loans. 

Schedule of Financial Guarantee Derivative Movement Activities

The following table sets forth the Group’s financial guarantee derivative movement activities for the years ended December 31, 2017, 2018 and 2019.

		For the years ended December 31,
		2017				2018				2019
Opening balance			167,291				(215,770	)			56,287
Initial recognition of and change in fair value of ongoing investor reserve arrangements			(213,958	)			114,813				(24,843	)
Settlement upon maturity of investor reserve arrangements			(169,103	)			157,244				(31,444	)
Ending balance			(215,770	)			56,287				—

Schedule of Revenue Initial Application Period Cumulative Effect Transition

The following table sets forth the impact to the consolidated statement of comprehensive income for the years ended December 31, 2018 as a result of adoption of ASC Topic 606.

		For the years ended December 31, 2018
		As reported				Amounts without adoption of ASC Topic 606				Effect of change
Loan facilitation service fees			2,919,234				2,141,565				777,669
Post-facilitation service fees			922,797				773,116				149,681
Other Revenue			376,915				793,188				(416,273	)
			4,218,946				3,707,869				511,077

Disaggregation of Revenue

The following table sets forth the Group’s operating revenue from different service type:

		For the year ended December 31,
		2018								2019
		With quality assurance protection				Without quality assurance protection				With quality assurance protection				Without quality assurance protection
Loan facilitation service fees			2,404,178				515,056				2,984,063				326,812
Post-facilitation service fees			678,518				244,279				1,096,660				103,713
Other revenue
- investment management fee			208,471				—				109,423				—
- borrowers referral fee			—				96,167				—				130,677
- others			54,734				17,543				37,949				66,791
Changes in expected discretionary payment to IRF investors			—				68,619				—				—
			3,345,901				941,664				4,228,095				627,993

Beijing Paipairongxin Investment Consulting Co., Ltd [Member]

Summary of Financial Information of VIE and its Subsidiaries

The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs, which are included in the Group’s consolidated financial statements. Transactions between the VIEs and their subsidiaries are eliminated in the balances presented below:

		As of December 31,
		2018				2019
		RMB				RMB
Cash and cash equivalents			752,102				2,025,233
Restricted cash			3,341,985				2,620,706
Short-term investments			1,574,090				—
Accounts receivable			800,334				846,454
Quality assurance receivable			2,064,366				3,649,642
Property, equipment and software, net			104,802				103,444
Right of Use assets			—				94,852
Loans and receivables, net of provision for loan losses			—				36,344
Financial guarantee derivative assets			56,287				—
Investments			1,147,569				2,306,831
Deferred tax assets			88,446				122,920
Contract assets			112,103				20,555
Prepaid expenses and other assets			167,817				1,290,996
Total assets			10,209,901				13,117,977
Payable to platform customers			905,034				684,630
Quality assurance payable			3,819,379				4,776,153
Payroll and welfare payable			129,809				115,540
Taxes payable			208,585				32,468
Short-term borrowings			—				85,000
Contract liabilities			158,061				50,166
Deferred tax liabilities			78,268				47,117
Leasing liabilities			—				84,284
Amounts due to related parties			1,609,126				3,189,663
Accrued expenses and other liabilities			190,406				237,802
Total liabilities			7,098,668				9,302,823

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Net revenue			3,900,454				4,250,978				4,684,436
Net profit			730,855				1,604,530				661,808
Net cash provided by operating activities			3,233,966				1,356,887				74,977
Net cash provided by (used in) investing activities			(1,642,454	)			(1,031,968	)			367,903
Net cash provided by (used in) financing activities			(31,250	)			1,043,899				108,972
Net increase in cash, cash equivalents and restricted cash			1,560,262				1,368,818				551,852
Cash, cash equivalents and restricted cash at beginning of year			1,165,007				2,725,269				4,094,087
Cash, cash equivalents and restricted cash at end of year			2,725,269				4,094,087				4,645,939

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