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
LendMN, Mongolia’s first digital lending fintech and a subsidiary of AND Global, has secured a $20 million USD debt facility from Lendable, a leading provider of debt finance to technology-enabled companies across emerging and frontier markets. This marks a historic moment for Mongolia’s fintech sector, with LendMN becoming the first company in the country to raise such a significant amount—a milestone that also highlights AND Global’s role in building high-impact fintech ventures in underserved markets.
This strategic investment strengthens LendMN’s mission to deliver accessible, tech-driven financial services for the underbanked—particularly micro and small business owners, who remain underserved by traditional banks. In 2024, LendMN launched Flexi Business Loan, Mongolia’s first and only 100% fully digital, collateral-free business financing solution for MSMEs. Since its launch, the platform has disbursed $60 million USD in loans, supporting over 3,800 micro and small business owners. Today, approximately 630 MSMEs use the LendMN app daily to apply for business financing. With the new funding facility in place, LendMN is now positioned to accelerate lending and financial inclusion at scale.
“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,” said Uuganbayar Tserendorj, CEO & Board Member of 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,” said Suresh Samuel, Managing Director & Head of Fintech, Lendable.
The deal positions LendMN at the forefront of inclusive fintech innovation in Asia, and demonstrates growing global investor confidence in Mongolia’s digital finance ecosystem.
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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.
