Lendable’s facility marks a significant milestone for Mongolian fintech, with LendMN becoming the first company in the sector to raise such a substantial amount
AND Global is proud to announce that LendMN, one of its flagship fintech subsidiaries, has secured a $20 million USD debt facility from Lendable, a global leader in debt financing for technology-driven companies in emerging and frontier markets.
This raise represents the largest fintech debt deal in Mongolia to date, and a powerful endorsement of AND Global’s mission to scale impactful, inclusive financial technologies across Asia. Lendable, a debt finance provider specialising in technology-enabled companies in emerging economies, views this investment as a key strategic move, as noted in e27, aligned with its broader goal of bridging access to finance in frontier markets.
Since launching in 2017, LendMN has transformed access to finance in Mongolia through its mobile-first lending platform. In 2024, the company introduced Flexi Business Loan, Mongolia’s first and only 100% digital, collateral-free business financing product for MSMEs. The product has since disbursed $60 million USD in loans to over 3,800 micro and small businesses, with approximately 630 MSME loan applications submitted daily via the LendMN app.
“This milestone reflects the strength of our technology and business model. With Lendable’s support, we’re one step closer to making digital financial services accessible to all,” — Uuganbayar Tserendorj, CEO & Board Member, LendMN
“LendMN has shown impressive impact in Mongolia’s underserved markets. We’re proud to back a team with a strong track record and bold vision for MSME finance,” — Suresh Samuel, Managing Director & Head of Fintech, Lendable
This deal not only underscores the strength of LendMN’s operations and impact model, but also highlights AND Global’s ability to incubate and scale world-class fintech ventures that are capable of attracting top-tier international investment.
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Interested in investing or partnering with LendMN?
We’d love to hear from you.
Please contact us via: investment@lend.mn
About LendMN
LendMN is Mongolia’s first digital lending fintech, serving MSMEs and underbanked populations with data-driven, technology-enabled financial solutions. With over $73 million in loan balance and 1.3 million registered app users, LendMN has transformed lending in Mongolia through fully digital onboarding, automated credit scoring, and instant disbursement. Using AI to capture and verify non-salary income and business revenue, LendMN offers inclusive, collateral-free credit access to micro and small businesses often excluded from traditional finance. The company is committed to ethical, responsible lending, recognised with a Silver-level Client Protection Certification by MFR Global Rating Agency.
LendMN NBFI JSC is a publicly listed joint stock company on the Mongolian Stock Exchange (MSE), operating under licenses issued by the Financial Regulatory Commission (FRC) of Mongolia.
About Lendable
Lendable believes in creating a more equitable and sustainable world through data and finance. Lendable is a leading debt finance provider to market leading companies across pre-frontier, frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable uses its proprietary technology, Maestro, to help investors understand risk and impact in the markets where it operates. Lendable’s team is based across over 10 countries giving an on-the-ground presence. To date, Lendable has disbursed over $577m as of December 2024.
Lendable Group consists of Lendable Inc, Dynolabs Asset Management Ltd, Dyno Labs Limited, Lendable PTE. LTD, Lendable Analytics LLC and Lendable Asset Management LLC.
