Pulman

Background & History

Founded in 2018 in Tashkent, Uzbekistan, Pulman Mikromoliya Tashkiloti Foreign LLC is a non-bank microfinance institution and the first foreign-owned MFO licensed in Uzbekistan, holding a Microcredit Organization licence issued by the Central Bank of Uzbekistan (NBRU). The company began in payday lending before adopting a new strategy in 2021, pivoting toward car-secured loans for rural entrepreneurs and more solvent clients — reshaping its portfolio and attracting a higher-quality client base. Backed by an experienced Kazakh sponsor group led by Finbox LLP and shareholders Sherzot Boysariev, T. Issayev and D. Medeubekov, Pulman has built a national footprint of 13 branches across 10 regions of Uzbekistan. Ranked 7th in the country by loan portfolio size (~$12M as of September 2024), the company operates alongside sister NBFI Hurma, a gold-collateral pawn lender, with the consolidated group employing 230 staff.

Business Model & Lines of Business

Pulman runs a fully collateralised microlending franchise built around car-secured loans, blending a classic MFI model with technology and predictive analytics to deliver ~15-minute underwriting and fast disbursement against pledged vehicles that borrowers continue to use. Its core product is car-collateral microloans (average ticket ~$2,000–2,500, 36-month annuity tenor, 53% APR, LTV ≤85%, repayment rate ~204%, recovery rate ~70%), with monthly disbursements of $1.2–1.7M, complemented since June 2024 by a new commercial real estate-secured product that raises average ticket size while keeping risk well controlled. On a consolidated basis the group adds Hurma's short-tenor gold-collateral pawn loans (~30-day maturity, with a 100% historical gold repossession recovery record), creating a complementary mix of mid-tenor car-collateral and short-tenor pawn lending across shared branch infrastructure. Funding combines supportive shareholder capital — including ~$5.0M from Finbox at a concessional 2% p.a. — with KILDE debenture facilities issued through a Singapore SPV (Alt Income Investments MM1 Pte Ltd), secured on car-collateral loans at 85% LTV.

Key Milestones

Net loan portfolio grew from $3.6M (FY22) to $8.4M (FY23) to $10.1M (H1 2024), with the gross portfolio expanding 277% from ~$3M (Dec 2022) to ~$12M (Sept 2024) — including 51% growth in the first nine months of 2024 alone. Revenue rose from $1.4M (FY22) to $4.1M (FY23), with FY2025 figures of $11.1M revenue, $3.4M EBITDA and $2.4M net income on a standalone basis ($15.5M revenue, $5.2M EBITDA and $3.5M net income consolidated with Hurma). The KILDE relationship advanced rapidly from a term sheet signed in September 2024 to three issued tranches — 001 (December 2024), 002 (February 2025) and 003 (March 2025) — diversifying the company's funding base for the first time. With a blended NPL 90+ of ~2.1% and a KILDE credit score of 4.21 (rating B), Pulman is now targeting conversion to a micro-bank to unlock wider funding and broader market access.

Management Team & Organisation

The company is led by CEO and Director Sherzot Boysariev, who brings 20+ years in banking and the MFI sector across Kazakhstan and Uzbekistan, supported by COO Eugeniya Shulgina, whose banking, finance and compliance background includes supervising the branch network of a large Kazakh commercial bank, and CFO Diyar Medeubekov, a Vanderbilt University MA with prior roles at McKinsey & Company, Deloitte and Mubadala. The board includes shareholder-members Akmaral Zhirenchina and Asel Kussainova, the latter bringing senior experience from the Kazakhstan Development Bank and Islamic Development Bank, giving the leadership team collective pedigree spanning McKinsey, Deloitte and Mubadala. Operating from its Tashkent headquarters across origination, risk, appraisal and collateral functions, Pulman positions itself as a pioneering foreign MFI in Uzbekistan that combines a classic microfinance model with data-driven underwriting and a strong strategic vision. Since partnering with KILDE in 2024, the company has successfully broadened its funding sources while maintaining strong portfolio performance and continued growth.