Surfin
A Singapore-headquartered fintech group delivering inclusive digital financial services — consumer credit, wealth management, digital payments and B2B Finance-as-a-Service (FaaS) — to approximately 100 million users across 10 emerging markets on three continents, anchored by its core India and Indonesia franchises.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total value of bonds this borrower has listed on Kilde for investors to fund.
India
Indonesia
Philippines
Vietnam
Mexico
Nigeria
Kenya
Uganda
Pakistan
Australia
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 in 2017 in Singapore by Dr. Wu Yanan (former TD Asset Management portfolio manager and CITIC-Prudential fund manager), Surfin Meta Digital Technology, the holding entity of the Kuai Kuai Group ecosystem, is an AI-native fintech delivering digital financial inclusion to the unbanked and underbanked across emerging markets. The enlarged group consolidates 50+ entities across 10 operating countries on three continents, anchored by four core markets (India, Indonesia, Philippines, Mexico) and six satellite markets (Nigeria, Kenya, Uganda, plus 2025 launches in Pakistan, Uzbekistan, Kazakhstan), with a cumulative ~100M registered users.
Business Model & Lines of Business
Surfin operates four mutually reinforcing business lines on a single AI-driven technology stack (Surfin Lab eKYC, Surfin Score credit scoring, Surfin Cloud decisioning, Surflion conversational AI). Consumer Finance & Credit Cards is the core engine (~95% of revenue), offering small-ticket cash loans (avg ~USD 200, 7-180 days), salary/SME loans, installments, and the Sufinc Visa credit card in Mexico, underwritten by 13.5M+ approved users, 560k+ features, 36M+ credit scores, and a 5x repeat-borrowing pattern delivering ~108% annualised contribution at ~11x LTV/CAC. Three complementary lines extend monetisation: Wealth & Asset Management (Bullsmart in India, Ayovest in Indonesia, 1,500+ mutual funds, robo-advisory, online broker), Payment & Remittance (Indonesia EasyLink, multi-channel gateway and 170+ country / 29+ currency cross-border corridor), and Fintech-as-a-Service (B2B white-label of Surfin Lab/Score/Cloud, 28+ institutional clients).
Key Milestones
Cumulative loan origination reached USD 5.0B+ by March 2026 (from USD 93M in 2018, a ~50x scale-up over 8 years), with FY2025 annual origination of USD ~2.0B (USD ~130M/month). Revenue grew at a ~50% CAGR FY20-25 to USD 377M in FY2025 (USD 354M cash-basis per consolidated workbook; USD 377M on accrual basis recognising revenues till DPD90), with net profit of USD 44M (~12% net margin) and headline ~20% RoAA / ~40% RoAE, among the few profitable EM fintechs at scale. India is the largest revenue contributor at 54% (USD 209M FY25), followed by Indonesia at 27% (USD 98M), with $902M and $395M loan origination respectively in FY25. The group signed a USD MoU with BOP in 2025, holds NBFC and P2P licences in its two largest markets (India RBI, Indonesia OJK), and operates an active loan book of USD 280M+ as of March 2026.
Management Team & Organization
Led by Founder, Chairman and CEO Dr. Wu Yanan (PhD physicist, CFA, 20+ yrs in quantitative finance across Los Alamos, Greydanus Boeckh, TD Asset Mgmt $30B+ AUM, and CITIC-Prudential), Surfin's Board pairs founder drive with unusually deep institutional governance: Nobel Laureate Michael Spence (2001 Economic Sciences), John Quelch CBE (ex-Dean Harvard Business School), John Fennell (USD 3T portfolio risk oversight), Bruce McGuire (29-yr Wall Street veteran, GEF co-founder), Felix Davidson (ex-President TD Ameritrade Clearing), Yinglan Tan (Insignia founding MP), and Mohamed Nasser Ismail (ex-Head of ECM at SGX) as CSO. A four-member Advisory Council brings Indonesian regulatory weight (Ahmad Hidayat, ex-Director Ministry of Finance, ex-Bank Indonesia, Danantara Board) and securities-industry depth (Bill Yates, ex-Treasurer/Finance MD TD Ameritrade pre-Schwab). Equity backers include Insignia (SEA fintech specialist), Woori Bank (one of Korea's largest commercial banks), Washington University in St. Louis endowment, and Path Capital. Group audited by Marcum Asia CPAs LLP.
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.