LendMN, Mongolia’s first fully digital lending Fintech and a unit of AND Global, said it had raised $20 million in debt financing from Lendable to scale technology-driven financial services for micro, small, and medium enterprises (MSMEs) in the country.
The facility marks the largest sum ever raised by a Mongolian fintech, highlighting growing investor interest in frontier market innovations.
Delphos, an advisory firm specializing in private emerging markets, acted as exclusive financial adviser.
Launched in 2017, LendMN offers 24/7 mobile-based instant loans to underbanked customers. In 2024, it introduced the Flexi Business Loan, Mongolia’s first fully digital, collateral-free financing solution for micro and small enterprises.
The product has since disbursed $70 million and supported about 3,800 MSMEs, with roughly 630 daily applications via the app.
LendMN’s Chief Executive Officer and board member Uuganbayar Tserendorj said that they were pleased with the milestone and noted that Lendable’s backing would help accelerate the company’s efforts to deliver meaningful digital financial services across underserved segments.
For Lendable, the investment aligns with its mission to bridge the financial inclusion gap in emerging markets, said Suresh Samuel, managing director and head of fintech. “We see significant opportunities ahead in the digital MSME financing space,” he said.
Data from the Asian Development Bank show that almost 90% of registered businesses in Mongolia are SMEs, but only about 10% of some 37,000 routinely access bank financing.
A World Bank Enterprise Survey found that 31% of firms in Mongolia faced full credit constraints, exceeding the East Asia and Pacific regional average.
LendMN NBFI JSC is listed on the Mongolian Stock Exchange and operates under multiple licences from the Financial Regulatory Commission, including fintech service, trust, factoring and foreign currency transaction licences.
AND Global will leverage the funds to enhance LendMN’s technology infrastructure and support regional expansion. The transaction underscores a maturing frontier fintech ecosystem in Mongolia.