Fingular, a Singapore-based global neobank, is making waves in the fintech industry by announcing a major customer acquisition milestone.
In July, the neobank reached 4 million registered customers across South and Southeast Asia, making it a serious competitor to both traditional and neobanks in the region and globally. This milestone comes a few weeks after the company reported its first profitability in Malaysia in just 9 months after launch.
According to the World Bank, more than 2 billion people still remains financially underserved, mostly concentrated in five key macro-regions (South and Southeast Asia, MENA, Latam and Sub-Saharan Africa), providing significant room for mission-driven disruptors who aim to improve the life of billions. This is possible due to global digitalization, which has rapidly developed in recent years in the post-pandemic era, and the corresponding significant regulatory innovations of central banks. Digital lenders have responded quickly, attracting millions of customers in recent years.
Launched in Singapore in late 2021, Fingular is a salient example of such a next generation neobank, having already rolled out digital financial services in Indonesia, Sri Lanka, Malaysia and India, and aiming to become a major global player serving over 30 countries by 2030, and also the first-ever credit-led neobank with a presence in all five financially underserved macro-regions.
"We have achieved the milestone of 4 million registered customers without aggressive marketing and advertising, just organically, offering extremely convenient customer-centric financial services that are targeted at customer demand with market-best time-to-money and user experience, and also high level of approval rate, allowing us to meet all customer expectations. Now that we have received confirmation of the exceptional performance of our distinctive online business model, we are moving forward with explosive growth and are planning, for example, to scale ten-fold in Malaysia this year, not to mention other countries" - said Maxim Chernuschenko, CEO Fingular.
"We are committed to our mission of building the first truly global credit-led neobank for more than 2 billion financially underserved people around the Globe, on the edge of the next technology revolution. We will improve life quality of billions of people, and we are just at the beginning of this exciting journey that can be successfully passed only through continuous innovation and customer focus" - added Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur.
Attracting 4 million users is an important milestone that represents the ambition to achieve serious, global volumes and leadership in the industry. It's curious that it took longer for the successful first wave neobanks to reach this milestone. For example, Revolut reached 4 million users in 43 months, Monzo in 52 months and Nubank in 40 months.
Chernuschenko has made it clear that explosive expansion worldwide while building best-in-class innovative consumer finance products tops the company's priorities for the future.