In a significant recognition of innovation and excellence in the financial technology sector, LendMN, a pioneering fintech company and a group company of AND Global, has been bestowed the ‘Growth Excellence Award’ at the prestigious Bloomberg Awards 2023. This honor is a testament to LendMN’s significant role in transforming Mongolia’s digital financial services landscape and highlights its successful strategies that have led to exceptional growth.
Founded by visionary entrepreneurs Anar Chinbaatar, Boldbaatar Ochirsuren, Otgonbayar Uuye, and Otgonbayar Purevsuren, LendMN has been at the forefront of creating a digital-first financial ecosystem akin to Silicon Valley in Mongolia. Since its inception in 2016, LendMN has been driven by a mission to establish a globally recognized brand originating from Mongolia, a vision that has clearly resonated with the Bloomberg Awards committee.
The Q3 report of 2023 reveals LendMN’s remarkable achievements that underscore the reason behind this award. The company reported a staggering 132.5% increase in total loans, a testament to the growing trust and reliance on its services. This growth is further underscored by a 153.6% increase in total revenue, showcasing LendMN’s expanding influence and success in the fintech sector. Remarkably, the company’s net income saw an impressive 300% increase, highlighting its efficient operations and strong financial health.
A landmark moment in LendMN’s journey was in February 2018, when its operating subsidiary became the first non-banking financial institution to be listed on the Mongolian Stock Exchange. The overwhelming response to its IPO, oversubscribed by a staggering 1,650%, was a testament to the market’s confidence in LendMN’s innovative approach and potential for growth.
Currently, LendMN’s app is actively used by 1.2 million people, approximately half of Mongolia’s population, reflecting the app’s widespread acceptance and utility. The entirely mobile-based process for obtaining a loan through LendMN is remarkably efficient – first-time loans are processed within 5 minutes, and subsequent loans take a mere one minute. Furthermore, LendMN has enhanced customer engagement by integrating a loyalty system into its platform, adding value to its user experience.
The Bloomberg Awards 2023 is not just a recognition of LendMN’s achievements but also a celebration of the potential and resilience of Mongolia’s fintech sector. As LendMN continues to innovate and expand its offerings, it paves the way for a more inclusive and technologically advanced financial environment in Mongolia and beyond.
This award serves as a beacon of inspiration for other startups and established companies in Mongolia, demonstrating that with innovation, dedication, and a customer-centric approach, global recognition is within reach.