Singapore-based PILLAR targets Saudi expansion with up to US$15 million Series A round
Singapore-headquartered fintech company PILLAR is seeking between US$10 million and US$15 million in a Series A funding round to support its expansion across the Middle East, with Saudi Arabia identified as a key growth market. According to a report by DealStreetAsia, the startup has already secured commitments for more than half of the targeted amount.
The company’s focus on Saudi Arabia is linked to the Kingdom’s relatively low mortgage penetration and its large housing development pipeline, which PILLAR sees as a major opportunity for its embedded mortgage infrastructure business. The funding is expected to help accelerate its rollout in the market.
Founder and chief executive Ilya Kravtsov said PILLAR recently received a pre-Series A investment from Saudi Angel Investors. The company has also already established a presence in Saudi Arabia through a partnership with ROSHN Group, a property developer backed by Saudi Arabia’s Public Investment Fund, in November 2025.
PILLAR was founded in Indonesia in 2022 under the name Ringkas before expanding its footprint beyond Southeast Asia. Today, the company operates in Singapore, Indonesia, Vietnam and Saudi Arabia. Its platform is designed to provide embedded mortgage infrastructure for banks and property developers, helping streamline mortgage distribution and related processes.
The startup previously raised US$5.1 million in a pre-Series A round in 2025, led by Flourish Ventures and Kadan Capital. That investment brought its total funding to approximately US$13.6 million.
PILLAR’s latest fundraising effort comes as more Southeast Asian technology companies look to expand into Gulf markets. This trend has been visible across multiple sectors, including enterprise AI and healthcare. For example, Indonesian AI firm Kata.ai recently signed a contract with a Dubai government agency to develop multilingual AI voice agents for public services, while healthcare startup Nafas has entered Qatar.
Broader investment links between Southeast Asia and the Gulf are also deepening. In 2025, Indonesia’s sovereign wealth fund Danantara and the Qatar Investment Authority launched a US$4 billion investment platform aimed at technology, healthcare and infrastructure projects.
Industry Analysis
PILLAR’s fundraising plans reflect growing investor confidence in the intersection of fintech and housing finance across the Gulf. Saudi Arabia’s property and mortgage sectors continue to attract regional and international startups seeking scale in a market supported by ongoing development activity. At the same time, the company’s experience highlights a practical reality for fintech expansion in the Middle East: market entry often requires longer sales cycles, stronger local partnerships and sustained on-the-ground presence.
For fintech firms targeting the region, PILLAR’s move signals that embedding financial infrastructure within real estate ecosystems may be a viable route to growth, particularly in markets where mortgage adoption remains underdeveloped but housing demand is rising.
