Mongolian Fintech startup, AND Global Pte. Ltd., struck a deal with Japan’s Marubeni Corporation on November 16, gaining strategic equity investment of 10.3 million USD for further developing its cutting-edge fintech solutions and digital financial services in Mongolia.
Based in Singapore, AND Global is a visionary company that strives to help its customers in the seamless integration of cutting-edge fintech solutions into their businesses. Many people might recognize the company for its signature product LendMN, a convenient smartphone-based financial service in Mongolia that allows customers to get a personal loan swiftly without the need for paperwork or collateral. Launched in 2016, this AI-driven product assesses credit risk and reduces cost for lending, while providing access to financing for people who are under-banked.
The company plans to use the 10.3 million USD investment secured through its series A round financing to advance its Fintech-as-a-Service solution (FaaS), which provides AI-powered credit scoring system, digital wallet, e-commerce, e-payment and digital lending systems. The funds will also be designated to scale AND Global’s business globally.
“This investment demonstrates the confidence our existing and new investors have in our technology and its commercial scalability. We are grateful for the continued support of all of our investors,” remarked Founder and CEO of AND Global Ch.Anar. “With the new investment, we can look ahead and focus on the long-term results of the company, and create long-term value for our customers, investors and employees. Looking ahead, we are delighted to continue working together with Marubeni and our stakeholders in offering FaaS to our existing and new customers across the world and developing new and innovative FinTech products and services with the shared passion to making people’s lives more convenient through digital financial services.”
In April 2020, AND Global and Marubeni , a major Japanese integrated trading and investment business conglomerate, entered into a global strategic partnership to provide fast and convenient digital financial services, especially in the post COVID-19 economy.
“With a startup DNA, AND Global is an agile organization, constantly innovating to create a better, faster experience for its customers. In this regard, Marubeni’s extensive experience and knowledge pool accumulated for more than 150 years will be critical support to accelerate the company’s global expansion plan,” a spokesperson for Marubeni said.
With the COVID-19 pandemic creating the “new normal” and pushing businesses toward digital transformation, significant growth in digital financial services for general consumers is apparent. In this regard, the Japanese investor strongly believes that AND Global’s Fintech solutions, including its proprietary AI-based credit scoring system and collaboration with external application service providers, have a great potential to serve the increasing global demand. Marubeni intends to aid AND Global in its efforts to expand its business outside of Mongolia.
AND Global currently operates its FinTech R&D center in Ulaanbaatar, Mongolia. The company runs a small ticket lending business with LendMN and an e-wallet service with LendMN Wallet. Its operating subsidiary LendMN NBFI JSC was listed on the Mongolian Stock Exchange in 2018 and immediately launched an IPO, which broke the record for IPO subscription of the exchange.
Earlier this year in June, LendMN issued the first open bond of fintech sector on the Mongolian stock market. The bond with maturity of 1 year and annual interest rate of 17 percent successfully raised 5 million MNT from the public, providing the company sufficient funds to improve and expand its business.
