Fingular secures SGD $10m Kilde credit line for SEA push

Fingular has secured a SGD 10 million credit line in its first external debt financing round, using the Kilde peer-to-peer investment platform as it expands its operations in Southeast Asia with a focus on Malaysia.

The Singapore-headquartered fintech holding said it structured the financing through Kilde, which connects family offices, funds and accredited investors with private credit opportunities across Europe and Asia. Kilde focuses on senior-secured lending to consumer and SME lending platforms.

Fingular said the facility gives it additional funding as it builds out activity in Malaysia. The company operates in Malaysia, India and Indonesia, according to its corporate description.

"This financing strengthens our balance sheet and provides additional flexibility to execute our regional growth strategy. It allows us to scale proven products in priority markets, particularly Malaysia, where we see strong demand and clear unit economics, while continuing to invest in technology and operational capacity," said Maxim Chernushchenko, Chief Executive Officer and Founder, Fingular.

Platform debt

The deal highlights the role of alternative credit platforms in funding fintechs and other fast-growing financial services companies in Asia. Rather than relying on a bank facility, Fingular used Kilde's marketplace model to assemble its credit line.

Kilde said it works with institutional investors and accredited investors. It offers private credit exposure in multiple markets, including Europe and Asia, and it specialises in senior-secured structures for lenders focused on consumers and smaller businesses.

Fingular described the debt as its first institutional financing. The company said it holds discussions with several funds about further investment opportunities.

Malaysia focus

Fingular's Malaysia activity includes its consumer financing brand Tambadana. The company said Tambadana has surpassed USD $150 million in total consumer financing issued. It said the business has processed around 600,000 individual cases since launch.

The Malaysian consumer lending market has attracted a growing number of digital-first providers in recent years, including fintechs and digital banks. Providers face tighter scrutiny on credit underwriting and collections as regulators across the region increase focus on consumer protection and lending standards.

Fingular did not disclose the maturity, pricing, or security package for the credit line. It did not disclose how quickly it expects to draw down the facility.

Advisory role

Aalto Capital advised Fingular on the transaction as debt and financial adviser, according to the companies. Aalto Capital said it supported the launch of a multi-drawdown debt facility.

One context point is that multi-drawdown facilities allow borrowers to take funds in stages rather than receiving the full amount at closing.

"We are pleased to have advised Fingular on the launch of its multi-drawdown debt facility and look forward to continuing our collaboration. Southeast Asia represents a compelling growth market for financial services, with strong fundamentals and long-term potential," said Manfred Steinbeisser, Managing Partner, Aalto Capital Group & Head of Debt and Capital Markets Advisory.

Fingular launched in 2021 and describes itself as a global fintech holding. It operates a portfolio of fintech products under its own brands and through local partners.

The company offers digital financial products spanning consumer financing, investment products and savings products, according to its corporate profile. It said its products are tailored to local markets.

Chernushchenko founded Fingular with Vadim Gurinov, whom the company describes as a Cypriot investor.

Fingular said it plans further growth in Southeast Asia and said it remains in discussions with funds about additional investment opportunities.