Discover top fintech news and events!
Subscribe to FinTech Weekly's newsletter
Read by executives at JP Morgan, Coinbase, Blackrock, Klarna and more
LendMN, a Mongolian fintech providing digital lending solutions, has raised $20 million in debt financing from Lendable to expand financial services for micro, small, and medium enterprises (MSMEs) in the country. The deal marks the largest-ever capital raise by a Mongolian fintech.
The financing will support LendMN’s efforts to scale its mobile-first lending platform and enhance credit access for underserved businesses. The company is a subsidiary of Singapore-headquartered AND Global and operates under multiple financial licences from the Mongolian Financial Regulatory Commission.
Delphos, a U.S.-based emerging markets advisory firm, acted as the exclusive financial adviser to the transaction.
LendMN launched in 2017, offering 24/7 mobile-based instant loans. In 2024, it introduced the Flexi Business Loan, Mongolia’s first fully digital, unsecured loan product for MSMEs. Since launch, the service has disbursed approximately $70 million to around 3,800 small businesses, with daily applications averaging over 600.
The funding from Lendable, a firm focused on digital financial inclusion in emerging markets, will be used to improve LendMN’s technology infrastructure and support regional expansion.
LendMN CEO and board member Uuganbayar Tserendorj said the investment will help the company accelerate its mission to offer digital financial services to traditionally underserved customer segments.
Data from the Asian Development Bank shows that nearly 90% of registered businesses in Mongolia are SMEs, yet only about 10% regularly access bank financing. A World Bank Enterprise Survey found that 31% of Mongolian firms face full credit constraints—well above the regional average.
As a licensed non-bank financial institution listed on the Mongolian Stock Exchange, LendMN holds fintech service, trust, factoring, and foreign currency transaction licences.
The deal highlights rising investor interest in digital lending models tailored to frontier markets, and points to a broader trend of fintech-driven innovation in underserved economies.
