Global Neobank Fingular Surpasses Operational Breakeven in Less Than 3 Years Since Inception, Reports 5 Million Customers

Fingular, a Singapore-based global neobank, renowned for its disruptive role in accelerating financial inclusion, is making waves in the industry by announcing a major financial milestone. Fingular, which launched in late 2021, has achieved operational breakeven at Group level in October 2024 and has amassed 5.2 million customers to date. This milestone marks a pivotal moment for Singaporean neobank, making it one of the fastest growing neobanks around the Globe.

Fingular is a salient example of 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. The company has delivered stunning results this year.

In July, the company announced its first profitability in just 9 months since inception in Malaysia, its strategic market, where Fingular launched the country’s first fully online digital lending business. The company also became one of less than 1% of lending companies to secure an advanced digital lending license. In August, the company has also made waves with an enhanced value proposition to consumers by launching an innovative Buy-Now-Pay-Later service. 

In September and October, Fingular announced upcoming expansions into Qatar and Bangladesh, with ambitious long-term goals in full-blown digital retail banking and achieving historic breakthrough in financial inclusion in one of the world’s most financially underserved countries, respectively.

In November, Fingular was recognized as ‘The Best New Fintech Company in APAC’ and one of ‘The Next 100 Global Companies’ by the Global Banking and Finance Review, a leading financial media platform with over three million readers worldwide. Fingular was selected as the winner for its innovative, technology-driven financial solutions designed to meet underserved communities’ needs and its innovative approach to driving the mission of reducing the emerging market credit gap. 

Interestingly, successful first wave neobanks, including industry leaders such as Nubank, Revolut and Monzo, typically reported reaching operating profit in 5-8 years since inception.

“Our strategic difference from other neobanks is that we focus on making the business profitable first and only then start active ramp-up based on a proven and successful business model. The operational break-even is precisely this pivotal moment. We are inspired to move forward with getting our existing markets to explosive scale and introducing new innovative products. E.g., we are preparing to launch a revolutionary solution that allows to get incredibly favourable loan terms by using mobile phone as collateral,” said Maxim Chernuschenko, CEO Fingular. 

“We have taken a big step towards our mission of building the first truly global credit-led neobank for more than 2 billion financially underserved people around the Globe. Even before ramp-up is started, we have reached over 5 million registered customers milestone, which proves the unprecedented demand for our convenient and affordable services with the best customer experience. Fingular is poised for exponential growth in 2025 and beyond, continuing to expand globally while building best-in-class innovative consumer finance products. We are proud to have the opportunity to change the lives of millions of people for the better,” – added Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur.