The International Finance Corporation (IFC) is investing US$7 million in a Series B round for Mongolian fintech firm AND Global, marking its first equity investment in the country in more than a decade.
The funding aims to expand access to finance for small businesses and support job creation in Mongolia.
Through the investment, AND Global will scale its technology arm, AND Solutions, which develops products such as document processing, credit scoring and lending systems used in 11 countries.
The partnership will also strengthen its local lending platform, LendMN, listed on the Mongolian Stock Exchange.
IFC will provide guidance on corporate governance, risk management and responsible lending practices.
LendMN currently serves more than 1.3 million registered users, covering over 80 percent of Mongolia’s economically active population.
It plays a key role in financing micro, small and medium enterprises, which employ 70 percent of the workforce and contribute nearly 18 percent of GDP.
Access to formal finance remains limited, with the SME financing gap estimated at 10.6 percent of GDP.
Since 1997, IFC has invested about US$5 billion in Mongolia across sectors including banking, mining, hospitality and services.
It has also expanded advisory support to improve the investment environment and foster private sector growth.
“Reaching this milestone is a strong validation of our vision, execution, and growth potential. As a startup born in Mongolia, it reflects the relentless effort of our team—and we take pride in breaking new ground with purpose.
Partnering with IFC brings together shared values around innovation and financial inclusion. With its global reach and experience, we’re confident this collaboration will significantly accelerate our ability to scale impact, expand access, and shape the future of finance globally.”
said Khos-Erdene Baatarkhuu, CEO of AND Global.
“Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to financial services.
By promoting tech entrepreneurship and the digitalization of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts.”
said Matthieu Le Blan, IFC’s Resident Representative for Mongolia.
