The Series B round led by IFC will allow the global fintech to enhance solutions and improve access to financial services to the unbanked and underbanked across APAC
Leading global fintech AND Global, today announced it has raised $21.4 million USD in a Series B funding round led by the International Finance Corporation (IFC), a member of The World Bank Group, and AEON Financial Service, a leading Japanese financial group active in 11 Asian markets. This investment will support further development of AND Global’s services, such as digital lending and other fintech solutions, to improve financing access for small businesses, as well as the unbanked and underbanked across Asia. With the successful completion of its Series B, AND Global now becomes the first Mongolian company to secure Series B funding, further solidifying its mission to bridge the financial inclusion gap in Southeast Asia.
What started in 2015 as a small fintech in Mongolia, aimed at bringing digital lending to underserved communities, has now grown into a regional solution provider helping financial institutions across Asia go digital faster and smarter. The investment comes as part of IFC’s global commitment to digital transformation and financial inclusion. With this support, AND Global aims to scale AI-powered fintech and expand its products, allowing them to better serve financial institutions and improve financial access to Asian communities.
According to research by the World Bank, 1.4 billion adults worldwide still lack access to financial accounts. The GSMA estimates that 345 million of the 400 million micro-enterprises in emerging markets are informal. AND Global’s investment will power the company’s next chapter to expand its AI-driven solutions across Southeast Asia, launching new tools catered towards financial institutions serving MSMEs.
Commenting on the Series B funding round, AND Global CEO Khos-Erdene Baatarkhuu said: “Our journey from Mongolia to the rest of Asia has been nothing short of incredible. This milestone reflects our team’s hard work and passion to make finance more inclusive. With IFC and AEON by our side, we’re more ready than ever to scale our impact.”
Matthieu Le Blan, IFC’s Resident Representative for Mongolia, added: “Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to finance and services. By promoting tech entrepreneurship and the digitalization of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts.”
AND Global is also one of the first Mongolian AI partners of Microsoft and has offices in Singapore, the Philippines, Thailand, and Mongolia.
Other investors in this Series B round include: Marubeni Corporation, a major Japanese trading conglomerate with a growing footprint in digital finance, SBI Holdings, a leading internet-based financial conglomerate headquartered in Tokyo, Premium Group, a Japanese auto mobility financing and services company.
About AND Global
Founded in 2017, AND Global is a leading fintech company that has created multiple cutting-edge companies that are laser-focused on innovation. Their goal is to promote financial inclusion and promote technological capabilities across Southeast Asia. AND Global provides innovative solutions for financial institutions that are struggling with both efficiency and time. The company has 13 subsidiaries and employs 250 people across offices in Mongolia, Japan, Singapore, the Philippines, and Thailand. AND Global operates in 11 countries.
