LendMN, Mongolia’s first digital lending fintech firm, has announced raising $20 million in debt financing to further expand its financial services for micro, small, and medium enterprises (MSMEs) in the country.
The debt financing came from Lendable, a London- and Singapore-based lending platform, which has backed several fintech companies in the region, including the Philippines-based BNPL platform BillEase.
The facility marks the largest sum ever raised by a Mongolian fintech.
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.
It claims to have disbursed $70 million in loans, supporting 3,800 micro and small business owners with business loans. In addition, approximately 630 micro and small business owners use the app to apply for a business loan every day.
“We aim to deliver meaningful, digital financial services for all, and Lendable’s backing brings us one step closer to reaching this goal,” said LendMN CEO and board member Uuganbayar Tserendorj.
Data from the Asian Development Bank shows that almost 90% of registered businesses in Mongolia are SMEs, but only about 10% of some 37,000 routinely access bank financing.
LendMN is a subsidiary of AND Global, a fintech company that has created multiple businesses to promote financial inclusion across Southeast Asia.
Suresh Samuel, managing director and head of Fintech at Lendable, noted that LendMN’s strong presence in Mongolia has demonstrated its capability to deliver digital financing solutions to underserved segments.
“We see significant opportunities ahead, especially within the digital MSME financing space, and are pleased to play a role in that growth,” Samuel said.
Mongolia has been drawing interest from investors looking to tap into the growth potential of the country’s SMEs.
Recently, the World Bank Group member International Finance Corporation (IFC) said it was considering an investment of up to $150 million in Golomt Bank, one of the largest commercial banks in Mongolia. The bank seeks to finance women-led SMEs.
DEG, the investment arm of German state-owned development bank KfW, also committed to invest $40 million in Khan Bank, the largest commercial bank in Mongolia. The proceeds of the facility will be used to finance eligible climate-related projects and local SMEs with a focus on women-led or owned.
