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Xiaomi

“Can Xiaomi convert its dominant hardware ecosystem and 500M+ active user base into a full-stack financial services platform spanning consumer lending, supply chain finance, and embedded payments across global markets?”

Founded2010
HQBeijing, China
FoundersLei Jun
Total raised~$1.5B+ pre-IPO
Latest roundPost-IPO Equity (HKEX: 1810, IPO July 2018)
Valuation$70-80B at IPO (2018)
IndustryHorizontal SaaS / E-commerce
The story

Founded in 2010 as a smartphone company with an online flash-sale model, Xiaomi rapidly expanded into IoT and smart home hardware to build an ecosystem play. Starting in 2015, Xiaomi aggressively built out financial services (Xiaomi Finance) leveraging its vast user base and supply chain relationships, spanning consumer lending, mobile payments, and supply chain finance. By 2020, it had secured a licensed consumer finance entity in China (Chongqing Xiaomi Consumer Finance), while internationally it partners with third-party payment processors and fintech companies to extend embedded finance into device financing and digital payments.

Last 12 months
2023-09
Product timeline
2010
Founded by Lei Jun; launched Mi Talk chat application.· pivot
2011
Released first flagship smartphone Mi1, entering hardware market.· pivot
2015
Xiaomi Finance (小米金融) officially launched, covering consumer credit, third-party payments, and supply chain finance.· banking
2018
Xiaomi IPO on Hong Kong Stock Exchange; financial services reorganized under Xiaomi Finance as a standalone subsidiary.· ipo
2020
Chongqing Xiaomi Consumer Finance Co. received CBIRC approval, becoming China's 26th licensed consumer finance company.· lending
2020
Xiaomi Finance's supply chain ABS program (¥10B shelf) approved by Shanghai Stock Exchange.· lending
2022
Partnered with Checkout.com for payment processing in Hong Kong and Macau.· banking
Regulated entities
Consumer Finance License (非银行金融机构)
China (CBIRC) · 2020
重庆小米消费金融有限公司 (Chongqing Xiaomi Consumer Finance Co., Ltd.)
The stack
Payments / PSP
Checkout.com
Lending
Xiaomi Easy Finance (consumer device financing, India, via Axio)Xiaomi Consumer Finance personal loans up to ¥200,000 (China, in-house)Supply chain finance ABS ¥10B shelf (China, in-house)Accounts receivable factoring for suppliersDealer financing 'Xing Speed Loan Xiaomi Exclusive' (via Industrial Bank, China)
FX & payouts
Citi Treasury & Trade Solutions
Accounting gap: none