LexinFintech Looks to Enter "Buy Now, Pay Later" Market in China

LexinFintech (NASDAQ: LX), one of China's leading fintech companies, had a challenging 2020 as a result of the COVID-19 pandemic. Net income plunged 52% year over year in the third quarter as a result of surging expenses and provisions for credit losses. Shares also plummeted nearly 60% in 2020 following citywide lockdowns across the country.

But Lexin is bouncing back, rolling out new products as part of a big push into digital retail. And in February, Lexin outlined its vision for "Maiya" -- a "buy now, pay later" service that could help it penetrate one of the world's biggest consumer markets.

Investors have responded with optimism, sending shares of Lexin to a six-month high. But is Maiya really that big of a deal?

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Source Fool.com