Surfin, a Singapore-based Fintech Group, launches on Mintos

We welcome back Surfin, a Singapore-based Fintech Group together with its Indonesian lending platform Pinjam Yuk (legal entity: PT Kuaikuai and Tech Indonesia), in offering new investment opportunities on Mintos with interest rates of up to 12% per annum.

Surfin: then and now

Surfin was founded in 2017 by Chairman & CEO Dr. Wu Yanan. Dr. Wu worked in the finance industry for 20 years as a trader, a portfolio manager, and the head of quantitative investment. With over 2 000 employees and 40 million registered users, Surfin has expanded to 10+ countries in 5 years, including Southeast Asia, Latin America, and Africa. In 2023, Surfin reported around €160 million in revenue, with a double-digit profit margin. Surfin finances all of its loan book from its own capital, accounting for around €60 million.1

Surfin's mission and business

Surfin aims to serve unbanked and underbanked populations, helping its borrowers achieve financial independence. The company plans to grow its loan book to better serve its clients with a more diversified product portfolio. Surfin’s aim in its collaboration with Mintos is to promote higher financial inclusion, starting with loans in Indonesia. The company plans to expand its cooperation with Mintos to other countries around the world where the group is active.

Post-pandemic success

During the pandemic in 2020, Surfin’s default rates rose and resulted in losses. The company quickly responded by adjusting its approval rates and lines of credit for its customers in order to control the rising default rates. Pinjam Yuk’s, Surfin’s lending platform in Indonesia, previously launched on Mintos in February 2020 and grew to €1.5 million in outstanding investments by December 2020. The company successfully winded down and repaid all Mintos investors’ investments by March 2021, when the company realized the upcoming effect of the pandemic on its portfolio.

Although growth rates slowed, Surfin broke even and slightly profited in 2020. In 2021, the company fully recovered and started to accelerate its loan disbursement with lessons learned from the year before. In the last 2 years, Surfin fine-tuned and improved its business strategy, digital marketing, risk technologies, and smart collection. The Indonesian lending arm of Surfin saw a net profit margin of 30% and grew its loan book from €1.9 million in July 2020 to around €27 million in December 2023.

Surfin loans on Mintos

The loans will be issued on Mintos by Surfin’s Singapore-based legal entity Hypa Mind PTE LTD.

  • Expected net annual returns: up to 12%
  • Loan amounts: IDR 500’000 – 80’000’00 (€30 – €4 700)
  • Average loan amount: IDR 2’300’000 (€150)
  • Loan terms: 95-day term in 3 installments
  • Average loan term: 95 days
  • Loan currency: Indonesian Rupiah (IDR)
  • Skin in the game: 10%
  • Buyback obligation: Yes
  • Mintos Rating: 6.1

The Mintos Risk Score for loans issued by Surfin is 6.1, with subscores of 5.1 for loan portfolio performance, 6.7 for loan servicer efficiency, 7.7 for buyback strength, and 4.2 for cooperation structure.

The security consists of a direct loan assignment complemented by extra layers of pledges over the whole portfolio of the lending company and its corresponding bank account, which will be established to secure investor claims. Moreover, Surfin also signed a shared bank account control agreement to provide Mintos with uninterrupted access to the borrower collections in the unlikely case of Surfin’s or Mintos’ default. There is also an additional group guarantee from the holding company Kuai Kuai Belt and Road PTE. LTD.

“As a digital financial inclusion promoter powered by proprietary technologies in risk management, we are very excited to collaborate with Mintos, as this is a very meaningful step forward for our whole Group. As of December 2023, if we don't count loan assets that are overdue 90+ days, our loan book was around USD 63 million, all of which were financed by our own equity. We truly believe that Mintos and our Group can complement each other in assets and capital, and collaborating with Mintos will help us level up our loan size faster, by introducing more diversified products for more customers.”

Dr. Wu Yanan, Surfin Chairman & CEO

How to invest in Surfin loans

Mintos has added Surfin loans to the Mintos Core portfolio. If you want to invest in these loans with a Mintos Custom portfolio, make sure to adjust your portfolio settings. If you’re investing manually, you can filter the loans on the Primary Market.

About Surfin

Established in 2017, Surfin belongs to a Singapore-based holding company (legal entity: Kuai Kuai Belt and Road PTE LTD). All loans listed on the Mintos marketplace by Surfin are issued by a Singapore company, Hypa Mind PTE LTD, through a Servicer in Indonesia, PT Kuaikuai Tech Indonesia, under the lending platform brand Pinjam Yuk. Surfin is a financial inclusion promoter in emerging markets and strives to enrich more people’s lives by being transparent, compassionate, inclusive, and innovative. In just 5 years, Surfin has expanded to 10+ countries in Southeast Asia, Latin America, and Africa. Surfin’s mission is to better serve those unbanked and underbanked, so borrowers can achieve financial independence.

1 Excluding the written-off loans that are overdue 90+ days


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