Hurma
Founded in August 2022 in Tashkent, Hurma Lombard (Oltin Lombard LLC) is a Central Bank of Uzbekistan-licensed gold-backed pawn lender, offering fully-collateralised short-duration micro-loans (~USD 200 ticket, 30-45 days, ~100% APR) against physical gold jewellery across 50 branches, with USD 20M deployed since inception, zero credit losses to date and a 200-branch target by YE-2026.
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Total value of bonds this borrower has listed on Kilde for investors to fund.
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded on 31 August 2022 in Tashkent, Oltin Lombard LLC operates under the brand "Hurma Lombard" as a licensed pawnbroker in Uzbekistan. The company is licensed by the Central Bank of Uzbekistan (Lombard Activity Licence No. 047666, 10-Nov-2022) and by the State Probation Chamber under the Ministry of Finance (Precious Metals & Stones Licence No. 052157, 6-Dec-2022). It is 50/50 owned by its two Kazakhstani founders, Diyar Medeubekov and Timur Isaev, and runs ~50 branches across Tashkent, Samarkand, Chirchik, Jizzakh and Yangiyo'l as of February 2026.
Business Model & Lines of Business
Hurma runs a pure gold-backed pawnbroking franchise: short-duration micro-loans of up to 90 days secured by physical gold jewellery held in branch vaults. Average ticket ~USD 200, average maturity 30-45 days, charged at ~100% annualised interest. The model is fully collateralised — gold is USD-pegged and provides a natural FX hedge — and on default, Hurma liquidates the collateral to recover principal, interest and penalties within ~3 months (100% repossession to date). Loan origination, accounting and portfolio management run on the Flex Fin (FLEX SOFT) platform across all branches; an AI-driven appraisal system and a customer mobile app (Uzcard/Humo integration) are planned for 2026-27.
Key Milestones
USD 20m deployed across 50 branches and zero credit losses since inception in 2022. Net loan book scaled ~9x from USD 0.7m at YE-2023 to USD 6.0m at YE-2025 (+167% YoY), revenue grew from USD 0.3m to USD 4.4m over the same period, and the company turned profitable in FY24 (NI USD 0.4m) and tripled net income to USD 1.1m in FY25 (ROA 16%, ROE 37%, Cost-to-Income 65%). Charter capital was raised from UZS 500m at inception to UZS 20bn (~USD 1.7m) in 2025. The structurally protected Uzbek pawn sector — selective two-year licensing, payday lending banned, gold a traditional savings/wedding asset — supports a target of 200 branches by year-end 2026 (USD 15m funding ask) and 1,000+ by 2028, against a market capacity of ~10,000 branches versus ~100 today.
Management Team & Organization
Co-founder, 50% shareholder and Board member Diyar Medeubekov (20+ yrs; ex-Mubadala Investment Company, Islamic Development Bank, Development Bank of Kazakhstan) and co-founder Timur Isaev (50%) anchor the shareholder base. The 2026 executive team was recruited from the No.1 pawnbroking operator in Kazakhstan (a network the team scaled from 0 to 600 branches): CEO Galina Gal (15+ yrs MFI/Lombard, regulatory compliance and large branch networks), CGO Denis Timofeev (strategy, CRM, commercial growth in Kazakh pawnshop sector), and CFO Anastasia Zavarikhina (13+ yrs Kazakh pawnshop finance/compliance). Latest audit completed 13 June 2025 by FTF-LEA-AUDIT LLC.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.