PILLAR, a fintech firm headquartered in Singapore, is embarking on a significant expansion into Saudi Arabia, aiming to raise between $10 million and $15 million in a Series A funding round. The company has identified the Saudi market as ripe for growth, particularly due to the low mortgage penetration and a substantial pipeline of housing developments. With over half of the targeted funding already secured, PILLAR is poised to enhance its operations in the region. The firm recently attracted pre-Series A investment from Saudi Angel Investors, further solidifying its commitment to the Saudi market.
Founded in Indonesia in 2022 under the name Ringkas, PILLAR specializes in providing embedded mortgage infrastructure tailored for banks and property developers. The company has raised approximately $13.6 million to date, including a $5.1 million pre-Series A round led by Flourish Ventures and Kadan Capital. Its entry into the Saudi market began in November 2025 through a strategic partnership with ROSHN Group, a developer backed by the Public Investment Fund, marking its first foray outside Southeast Asia.
PILLAR's move reflects a broader trend of Southeast Asian technology firms seeking opportunities in Gulf markets. Companies like Kata.ai and Nafas are also expanding into the region, indicating a growing synergy between Southeast Asia and the Gulf in technology and investment. Notably, Indonesia’s sovereign wealth fund Danantara and the Qatar Investment Authority have established a $4 billion investment platform aimed at funding projects across technology, healthcare, and infrastructure, further deepening these ties.
CEO Ilya Kravtsov emphasized the importance of building long-term relationships in the Middle East, noting that business development in the region often requires a dedicated local presence and patience compared to Southeast Asia. As PILLAR prepares for its next funding round, its strategic positioning could offer significant insights into the evolving landscape of fintech in the Gulf.
Founded in Indonesia in 2022 under the name Ringkas, PILLAR specializes in providing embedded mortgage infrastructure tailored for banks and property developers. The company has raised approximately $13.6 million to date, including a $5.1 million pre-Series A round led by Flourish Ventures and Kadan Capital. Its entry into the Saudi market began in November 2025 through a strategic partnership with ROSHN Group, a developer backed by the Public Investment Fund, marking its first foray outside Southeast Asia.
PILLAR's move reflects a broader trend of Southeast Asian technology firms seeking opportunities in Gulf markets. Companies like Kata.ai and Nafas are also expanding into the region, indicating a growing synergy between Southeast Asia and the Gulf in technology and investment. Notably, Indonesia’s sovereign wealth fund Danantara and the Qatar Investment Authority have established a $4 billion investment platform aimed at funding projects across technology, healthcare, and infrastructure, further deepening these ties.
CEO Ilya Kravtsov emphasized the importance of building long-term relationships in the Middle East, noting that business development in the region often requires a dedicated local presence and patience compared to Southeast Asia. As PILLAR prepares for its next funding round, its strategic positioning could offer significant insights into the evolving landscape of fintech in the Gulf.
Source: Fintech News ME
