At Mongolia Investment Forum in London, AND Global showed how a Mongolian consumer lender became a credit-technology supplier across emerging Asia. Having taken its subsidiary, LendMN, public on the Mongolian Stock Exchange, the group is now preparing its own international listing, a path that offers a template, and a test, for Mongolian companies seeking international capital.
In 2016 a Mongolian borrower seeking a loan of about USD 1,000 faced 42 forms and a two-week wait, according to AND Global. That year the company launched LendMN, a digital lender whose automated credit scoring cut the decision to under two minutes. A decade on, AND Global, founded by Mongolian entrepreneurs in 2015 and headquartered in Singapore, told the Mongolia Investment Forum: London 2026 that the same technology, now sold through its AND Solutions arm, serves more than 40 institutional clients in 11 countries, and that its next chapter is an international public offering.
Why Mongolia made a good laboratory
Mongolia seems an unlikely place to incubate a fintech, with a small population spread across a vast territory. Yet almost every adult already had a bank account; at 98%, account ownership is on a par with Germany's. What people lacked was credit that arrived quickly and on reasonable terms. LendMN offered precisely that. Its 2018 listing, the first by a fintech on the Mongolian Stock Exchange, drew orders of nearly nine times its MNT 5 billion target, and its app now has more than 1.3 million registered users, equivalent to more than 80% of the economically active population.
Following the credit gap to small business
With consumer lending established, LendMN has turned to a harder market with a larger prize: small business. Mongolia's small and medium-sized enterprises employ 70% of the workforce yet generate less than a fifth of GDP, partly because banks have long lent against property rather than cash flow. A shopkeeper with no building to pledge has had few options. Flexi Business, LendMN's unsecured product, reads a firm's bank statements instead and answers in minutes rather than weeks. Business loans, almost absent before 2024, now make up close to half of the portfolio. Of the businesses LendMN financed in 2025, nearly three-quarters were run by women and almost a third were based in rural areas.
What the accounts show
Growth of this kind comes at a price. In 2025 the loan book expanded 37%, but net profit rose only 11%, to MNT 40.1 billion, as impairment charges almost quadrupled. By mid-2026 non-performing loans had climbed to 10.7% of the book, from 7.7% six months earlier. For now the buffers look comfortable. Provisions cover about 112% of those loans, the total capital adequacy ratio of 33.6% is well above the 20% minimum, and the business still earns an annualised return on equity of about 35%.
From lender to technology supplier
In 2021 AND Global turned what it had built for LendMN into a business of its own. AND Solutions sells the same technology, about 90% of it developed in-house, to banks and other lenders. Its suite covers the whole lending process. At the front, Mindox combines a conversational AI interface with a set of AI agents that verify a customer's identity, read documents, and calculate income and spending before a lender decides whether to proceed. In the middle, Custom AI scoring models assess creditworthiness using criteria and data sources tailored to each lender. At the back, Looms, a loan origination and management system, handles approvals, repayments, collections and reporting, with compliance built in. Lenders can also take only the parts they need, such as e-KYC, document reading (OCR) or API integration, and AND Solutions builds custom solutions on request.
Its main market is Southeast Asia, home to about 706 million people, where only 66% of adults hold a financial account. Clients include Toyota Financial Services, Vietnam's VPBank, Cambodia's SBI LY HOUR Bank and AEON, and Microsoft and SC Ventures, Standard Chartered's venture arm, are strategic partners. Each business strengthens the other: LendMN's loans generate the data that improves the scoring models, and selling those models to other lenders brings growth without extra lending risk. As the company puts it, lending strengthens technology, and technology strengthens lending.
Climbing the capital ladder
Each funding round has brought in investors with higher standards than the last. Marubeni and SBI Holdings backed the 2021 Series A at a valuation of USD 46.1 million. Four years later IFC, in its first equity investment in Mongolia in more than a decade, joined AEON Financial Service in leading a Series B that the company says valued it at USD 106 million. Part of IFC's money was earmarked for expanding AND Solutions' products in document processing, credit scoring and lending systems, a sign of where the group sees its future.
An international listing would be the next and most demanding step, testing whether investors value the technology business as highly as the lending one. For investors who prefer not to wait, LendMN's shares (MSE: LEND) already offer listed exposure to the lending business, though not yet to the technology arm.
The full pitch deck and further information on AND Global are available on the CMM platform: https://capitalmarkets.mn/directory/and-global
