Mongolia's first digital lending fintech, LendMN, a subsidiary of AND Global, has today announced a $20 million USD debt financing from Lendable, a leading debt finance provider to leading technology-enabled companies in emerging and frontier markets that focuses on promoting a more economically just and environmentally sustainable world. The transaction, for which Delphos, a premier advisor in private emerging markets, served as exclusive financial advisor, marks the first time a Mongolian fintech company has raised such a substantial amount in the sector. The goal is to drive tech-led financial inclusion for MSMEs in the country. The fintech’s service focuses on bringing financial accessibility and inclusivity to the underbanked. AND Global is a leading fintech company that has created multiple businesses to promote financial inclusion across Southeast Asia.

LendMN provides 24/7 mobile-based financial services to issue instant loans for the unbanked and underbanked, which revolutionised the financial service sector in Mongolia when it first launched in 2017. Furthermore, in 2024, LendMN launched its Flexi Business Loan, Mongolia’s first and only 100 percent fully digital, collateral-free business financing solution for micro and small enterprises. It has since disbursed $70 million USD in loans, supporting 3,800 micro and small business owners with business loans. In addition, approximately 630 micro and small business owners use the app to apply and request for a business loan every day.

For Lendable, investing in the Mongolian fintech represents a strategic investment and aligns with the company’s overall mission of bridging the financial inclusion gap by boosting accessible and inclusive financial services for all. 

According to figures from the Asian Development Bank, almost 90 percent of registered businesses in Mongolia are SMEs, and only 10 percent of about 37,000 SMEs regularly access finance through banks. The World Bank Enterprise Surveys showed that 31 percent of surveyed firms in Mongolia face full credit constraints, surpassing the average for other countries in the East Asia and Pacific region. The LendMN milestone raises the bar for fintech companies’ operations and opens doors for future international investment, placing Mongolia on the global stage. 

LendMN NBFI JSC is a joint stock company listed on the Mongolian Stock Exchange (MSE), incorporated and domiciled in Mongolia. It operates under a non-banking financial institution (NBFI) with a special license, a fintech service license, a trust service license, a factoring service license, and a foreign currency transaction service license issued by the Financial Regulatory Commission (FRC).

Commenting on debt financing, LendMN CEO and Board member, Uuganbayar Tserendorj, said: “We are delighted with this achievement and it serves as an indication of LendMN’s robust technology and the success of our business model focused on serving underbanked segments, opening doors to potential future international investment opportunities. Our aim is to deliver meaningful, digital financial services for all, and Lendable’s backing brings us one step closer to reaching this goal.”

Commenting on the deal, Delphos’ President, Andrew Brown said, “This transaction is a testament to Delphos’ expertise in facilitating impactful cross-border financings that drive financial inclusion. We are proud to support LendMN in its mission to expand access to credit for Mongolia’s underserved populations.”

Suresh Samuel, Managing Director and Head of Fintech at Lendable, added: “LendMN has, through its strong foothold in Mongolia, showcased an impressive ability to bring digital financing to underserved segments in the country, allowing people to improve their lives and support their small businesses. We are delighted to be able to support a company of this caliber, with a demonstrated track record and strong management team. We see significant opportunities ahead, especially within the digital MSME financing space, and are pleased to play a role in that growth.”