Fingular Secures $20 Mn Private Credit Line as Malaysia Tightens Lending Rules

Singapore-headquartered fintech group Fingular has secured a $20 Mn private credit facility from Silverstreak, a Singapore-based private credit manager, to expand consumer and small-business lending in Malaysia. The deal adds borrowing capacity just as the country brings non-bank credit providers under tighter regulation.

Founded in 2021, Fingular runs digital lending businesses in Malaysia, India and Indonesia. The latest agreement brings total financing secured for its Malaysian lending operations to more than $50 Mn, according to the company. The new facility is earmarked for Malaysia, where Fingular is expanding its conventional and Shariah-compliant products, including consumer loans, micro-SME financing with tenors of up to 14 months and buy-now-pay-later (BNPL) services.

Borrowing, not selling new shares, lets Fingular grow its loan book without diluting existing shareholders. The catch is that every ringgit borrowed carries interest, which the loans it funds must earn back.

Neither Fingular nor Silverstreak disclosed the facility’s interest rate, maturity, security arrangements or drawdown schedule. The more-than-$50 Mn total is financing secured for the Malaysian business, not cash drawn down or the size of its outstanding loan book.

“Malaysia remains our priority market,” said Konstantin Barabanov, Fingular’s general manager. He described the country as offering the group’s strongest opportunities for growth and long-term shareholder value creation, adding that the Silverstreak partnership would help Fingular accelerate its strategy execution.

Fingular’s Malaysian brands include consumer lender Tambadana and AhaPay, its BNPL and merchant-financing platform. In March, it launched Tazee, a Shariah-first consumer financing brand, extending its reach into Malaysia’s Islamic finance market. The group says its Malaysian platform has more than 2.6 Mn registered users, while AhaPay serves more than 2,000 merchants. Both are company-reported figures, not counts of active borrowers.

Fingular also said its paid-up capital had increased fivefold since the start of 2026 to $37 Mn, and that its capital adequacy ratio exceeded 25%. It said it had been profitable in every quarter since Q4 2025, and is backed by institutional lenders from Japan, the EU and Singapore. However, it did not disclose consolidated earnings or how it calculates its capital ratio.

Silverstreak, an asset manager licensed by the Monetary Authority of Singapore (MAS), provides long-term capital to non-bank financial institutions across emerging Asia. It will monitor the facility through SilverstreakIQ, its risk-management and analytics platform. Rajarajan Mohan, Silverstreak’s chief investment officer, said the deal reinforces its strategy of backing lending fintech platforms that use technology to widen financial inclusion across the region.

What Existing Lending Data Reveals

The Silverstreak agreement follows Fingular’s earlier borrowing programme with Kilde, a private credit investment platform. In January, Fingular announced a S$10 Mn multi-drawdown credit facility arranged through Kilde, with Aalto Capital as its exclusive debt and financial advisor.

Kilde later doubled that limit to S$20 Mn, so the two figures are successive limits, not amounts to be added together. Six financing tranches totalling $8.4 Mn were issued between December 2025 and June 2026, according to Kilde’s borrower profile. Fingular has not said which facilities make up its $50 Mn-plus total.

Kilde’s disclosures also offer a closer view of the business behind Fingular’s expansion. Its borrower is Wawasan Cojaya Sdn Bhd, the Fingular company that runs Tambadana and Tazee. Kilde reports that Wawasan has originated more than $330 Mn in loans since inception, although its profile does not give a reporting date for the figure.

Wawasan’s audited accounts show the scale of that growth. Its revenue grew to RM176.7 Mn in FY25 from RM26.4 Mn a year earlier, while net profit increased to RM9.0 Mn from RM2.2 Mn. Net loan receivables almost quintupled to RM106.9 Mn by the end of 2025, from RM22.0 Mn.

Kilde’s own figures, in US$, put Wawasan’s FY25 revenue at $41.3 Mn and its profit before tax (PBT) at $3.4 Mn, up from $0.7 Mn. These two measures differ, though. One is net profit, and the other is PBT, and both relate to Wawasan, not Fingular’s consolidated business.

Kilde’s own figures, in US$, put Wawasan’s FY25 revenue at $41.3 Mn and its profit before tax at $3.4 Mn, up from $0.7 Mn. These two measures differ, though. One is net profit, and the other is PAT, and both relate to Wawasan, not Fingular’s consolidated business.

However, fast originations do not translate one-for-one into a bigger book or bigger profits. Cumulative originations count every loan issued over time, while profit depends on interest and fee income, funding costs, customer acquisition and credit losses.

Wawasan’s lending portfolio structure shows why. According to an undated product breakdown published by Kilde, 72% of the book is single-payment consumer loans with 30-day terms. Instalment loans of up to six months account for 26%, and credit lines of up to 12 months for the remaining 2%.

Short loans have an advantage. When borrowers repay within a month, the same money can be lent out again, and a relatively small funding base can support a lot of lending. The risk is that collections must work without a break, and late payments or defaults can show up quickly.

Fingular has not published overdue or write-off figures for its Malaysian lending. So there is no way to tell how the business would cope in a downturn. For private credit investors, returns depend not only on contractual borrowing costs but also on the quality and recoverability of the underlying receivables.

A Growing Market Faces New Rules

Singapore’s Deeptech Funding: 2024 vs 2025

Funding Metric	2024	2025
Total VC Deal Value	$7 Bn	$4.6 Bn
Total VC Deals	725	472
Deeptech Deal Value	$980 Mn	$1.13 Bn
No. of Deeptech Deals	125	91
Deeptech Share of VC Deal Value	14.1%	24.7%
AI Deal Value	$1.1 Bn	$1.4 Bn
AI Share of VC Deal Value	15.8%	30.8%

Sources: Enterprise Singapore and EY-Parthenon, Singapore Venture Funding Landscape 2025

Note: All values in US$. AI and deeptech categories can overlap and should not be added together. Figures are rounded; deal counts include transactions with undisclosed values.

Fingular’s expansion comes as Malaysia strengthens oversight of consumer credit businesses, including BNPL providers.

The Consumer Credit Act 2025 came into force on March 1 this year, and the newly established Consumer Credit Commission enforces it. It brings BNPL, leasing and factoring companies under licensing for the first time. Licensing and registration requirements took effect on June 1, and existing providers have until Nov. 30 to apply.

Tambadana and Tazee operate under Wawasan Cojaya’s online moneylending licence from Malaysia’s housing and local government ministry, a regime separate from the new Act. AhaPay said at its launch that it had engaged with Bank Negara Malaysia and would operate under the Consumer Credit Oversight Board. Its authorisation status under the new framework has not been independently established.

The rules have come as BNPL surges. Bank Negara’s latest Financial Stability Review recorded 140.3 Mn non-bank BNPL transactions worth RM11.9 Bn in the second half of 2025, up from 102.6 Mn transactions worth RM9.3 Bn in the first half. Outstanding BNPL debt rose to RM4.9 Bn at the end of December, from RM3.8 Bn six months earlier.

The growth has continued into 2026. Non-bank BNPL transactions rose to 173.9 Mn worth RM14.7 Bn in the first half, the finance ministry told parliament on Oct. 19. Outstanding balances reached RM6.6 Bn by the end of June across 9.2 Mn active account holders, with 3.3% overdue.

BNPL debt still accounted for just 0.4% of Malaysia’s household debt as of June, according to the Consumer Credit Commission. But Bank Negara said the segment remains a key area of surveillance and that its rapid growth warrants continued close monitoring.

For Fingular, the first test is the Nov. 30 licensing deadline. After that, it has to show that new money can produce steady earnings without loosening its credit standards.