Mongolian fintech company LendMN has secured $20 million in debt financing from Lendable, marking the largest funding round for a fintech firm in the country to date, as it seeks to expand financial access for micro, small, and medium enterprises (MSMEs).
The funding, advised exclusively by Delphos, represents a key milestone for Mongolia’s fintech sector and positions LendMN to strengthen its role in promoting financial inclusion for underbanked businesses.
The company, a subsidiary of AND Global, operates as a non-banking financial institution licensed by Mongolia’s Financial Regulatory Commission.
LendMN offers 24/7 mobile-based digital lending services, including its Flexi Business Loan product, Mongolia’s first fully digital, collateral-free business loan solution for MSMEs.
Since its launch, the product has disbursed $70 million in loans, reaching around 3,800 micro and small business owners. On average, 630 business owners use the platform daily to apply for financing.
The latest investment supports LendMN’s strategy to address the significant credit gap among Mongolia’s MSMEs.
According to the Asian Development Bank, nearly 90% of registered businesses in Mongolia are SMEs, but only 10% regularly access financing through traditional banks.
The World Bank’s Enterprise Surveys report that 31% of Mongolian firms face full credit constraints, higher than the regional average.
Lendable’s investment aligns with its mission to back technology-enabled companies that promote economic inclusion and sustainability in emerging markets.
The deal highlights Mongolia’s growing fintech landscape and opens opportunities for future international investments in the sector.
LendMN is listed on the Mongolian Stock Exchange and holds multiple licenses, including fintech services, trust services, factoring, and foreign currency transactions.
Business News Asia