LendMN, a leading digital lending fintech in Mongolia pioneering mobile-based, collateral-free loans, has successfully raised USD 4.25 million in new financing from funds managed by Developing World Markets (DWM), a leading global impact investment manager. This financing will be directed toward expanding access to capital for Mongolia’s micro and small businesses (MSMEs) through LendMN’s fully-digital “Flexi Business Micro Loan” product.
With over one million registered users and coverage extending to more than 80% of Mongolia’s economically active population, LendMN continues to play a leading role in broadening access to finance for underserved communities, particularly informal MSMEs across the country.
This mission is especially critical in Mongolia, where informal MSMEs, of which 70% are women-owned and 20% led by young entrepreneurs under the age of 30, face significant challenges in accessing formal financing due to limited collateral and structural constraints.
The transaction is DWM’s first 2X-Qualified Investment in Mongolia, marking its contribution to financing for women as part of the global 2X Challenge. LendMN qualifies for the 2X Challenge based on strong performance in three categories of gender equality criteria: Leadership, Employment, and Portfolio.
DWM’s investment reflects strong confidence in the growth potential of Mongolia’s underserved MSME segment and in LendMN’s effort to advance financial inclusion through innovative, technology-driven lending solutions.
Uuganbayar Tserendorj, LendMN’s CEO, said “This transaction marks a key milestone for LendMN, bringing on board a highly regarded international investor whose approach and commitment to responsible lending closely align with our own. DWM has a proven track record of providing impact-oriented financing and supports underserved micro businesses around the world. This partnership not only strengthens our ability to scale technology-based financial services that create real economic impact, but also gives us tremendous confidence that we are on the right track in our mission to make financial services accessible to all.”
Robert Constantino, DWM’s Head of Private Credit, said “LendMN has demonstrated a unique ability to deliver responsible, technology-driven financing solutions to underserved segments in the market, helping people to improve their livelihoods and facilitating the growth of small businesses. DWM has a long-standing investment track record in Mongolia, and we are delighted to deepen that commitment with a company of LendMN’s caliber, distinctive vision, and highly professional team. This financing supports both LendMN’s continued expansion and the further development of DWM’s fintech lending strategy in the region.”
About DWM
Developing World Markets (DWM) seeks investible solutions that sustainably address the social, environmental, and economic needs of the developing world. DWM has more than two decades of experience in emerging and frontier markets. Through DWM Asset Management, LLC, the firm’s SEC-registered investment adviser, DWM has originated and managed more than $2.2 billion of private credit in impact-oriented enterprises, including more than 900 loan disbursements in more than 70 emerging and frontier countries.
About LendMN
LendMN is Mongolia’s first digital lending fintech, providing data-driven, technology-enabled financial solutions to MSMEs and underbanked populations. With a loan portfolio of US$92 million and more than one million registered app users, LendMN has reshaped the lending landscape in Mongolia through fully digital onboarding, automated credit scoring, and instant loan disbursement. Leveraging AI to capture and verify non-salary income and business revenues, LendMN advances inclusive finance for micro and small businesses that are often excluded from traditional banking services.
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Please contact us via: investment@lend.mn
