LendMN has secured USD $20 million in debt financing from Lendable to support the expansion of its digital lending services for micro, small and medium-sized enterprises (MSMEs) in Mongolia.
LendMN, a subsidiary of AND Global, is the first fintech company in Mongolia to raise a financing amount of this size, aiming to further technology-driven financial inclusion for underbanked groups in the country.
LendMN operates as Mongolia's first digital lending fintech, providing 24/7 mobile-based loan services primarily to those without access to traditional financial institutions. Since launching its Flexi Business Loan in 2024—Mongolia's only fully digital, collateral-free lending option for micro and small businesses—the company has disbursed over USD $70 million in loans. Its Flexi Business Loan product alone has provided USD $60 million to MSMEs, reaching 3,800 business owners and attracting 630 daily loan applications via its app.
The financing was advised by Delphos, which served as the exclusive financial advisor on the transaction. The funding is expected to help LendMN broaden the reach of its digital loan services, giving more Mongolian small businesses the means to access credit that is often out of reach through traditional banks.
According to the Asian Development Bank, SMEs account for nearly 90% of Mongolia's registered businesses, yet only about 10% of the approximately 37,000 SMEs regularly access finance through banks. World Bank Enterprise Surveys further indicate that 31% of Mongolian firms are fully credit-constrained, a figure higher than the regional average in East Asia and the Pacific.
Uuganbayar Tserendorj, Chief Executive Officer and Board Member at LendMN, commented on the new facility: "We are delighted with this achievement and it serves as an indication of LendMN's robust technology and the success of our business model focused on serving underbanked segments, opening doors to potential future international investment opportunities. Our aim is to deliver meaningful, digital financial services for all, and Lendable's backing brings us one step closer to reaching this goal."
Delphos President Andrew Brown noted that the transaction reflects Delphos' role in enabling cross-border finance to support financial inclusion: "This transaction is a testament to Delphos' expertise in facilitating impactful cross-border financings that drive financial inclusion. We are proud to support LendMN in its mission to expand access to credit for Mongolia's underserved populations."
Suresh Samuel, Managing Director and Head of Fintech at Lendable, said that the investment aligns with Lendable's broader mission: "LendMN has, through its strong foothold in Mongolia, showcased an impressive ability to bring digital financing to underserved segments in the country, allowing people to improve their lives and support their small businesses."
"We are delighted to be able to support a company of this calibre, with a demonstrated track record and strong management team. We see significant opportunities ahead, especially within the digital MSME financing space, and are pleased to play a role in that growth."
LendMN is publicly listed on the Mongolian Stock Exchange and operates under a non-banking financial institution license along with several specialised licenses granted by the Financial Regulatory Commission of Mongolia. The company uses artificial intelligence to assess non-salary income and business revenue, enabling more inclusive and collateral-free credit access for borrowers who are typically excluded from traditional finance. Its services have been recognised with a Silver-level Client Protection Certification by MFR Global Rating Agency.
Lendable is a debt finance provider that focuses on companies promoting economic inclusion in emerging and frontier markets. Delphos provides advisory services for private emerging market transactions.
