Mangolia Fintech Startup AND Global Secures $21. 4 Million in Series B

AND Global, the Mangolia fintech company operating globally has raised US$21.4m in its Series B investment round. The round was led by International Finance Corporation (IFC) and AEON Financial Service in Japan. Marubeni Corporation, SBI Holdings and Premium Group were joined.

The capital will power the scale of AND Global in Southeast Asia with the launch of AI-driven solutions and new tools to serve the needs of financial services to the micro, small, and medium enterprises MSMEs financial inclusion.

AND Global began in 2017 to introduce digital lending to underserved populations in Mongolia. This has seen it become a regional solution provider dealing in providing innovative solutions to financial institutions which are faced challenges in using efficiency and time.

Key Highlights

• AND Global raises $21.4M to drive AI-led MSME finance in Asia
• IFC backs Mongolia’s fintech rise with Series B investment
• LendMN secures $20M to boost digital lending for underserved MSMEs

The company has 13 subsidiaries and 250 employees stationed at its offices in Mongolia, Japan, Singapore, the Philippines and Thailand.

The level of data currently available worldwide points towards the ongoing difficulty of financial exclusion; as studies by the World Bank reveal, 1.4 billion adults globally continue to be unable to access any financial account. Also, GSMA estimated that three-quarters (345 million) of the 400 million micro-enterprises in the emerging markets are informal.

In April of this year, LendMN, a digital lending company and a subsidiary of Singapore-based AND Global raised a US$20 million debt facility to Lendable. The funding will be used to enhance the use of technology in the financial inclusion of MSMEs in Mongolia, already tackling the significant financial access issues this group challenges in these countries.

Matthieu Le Blan, IFC’s Resident Representative for Mongolia, added: “Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to finance and services. By promoting tech entrepreneurship and the digitalisation of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts.