IFC Invests in Mongolian Fintech AND Global to Scale Inclusive Finance

Ulaanbaatar, Mongolia, August 19, 2025—As part of its commitment to digital transformation and financial inclusion, IFC is investing $7 million in a Series B funding round for AND Global, a leading Mongolian fintech company. This investment will support innovation in financial services, improve access to finance for small businesses, and foster job creation and economic diversification in Mongolia.

With IFC’s support, Global aims to accelerate the growth of its AI-driven solutions and expand its product suite through its technology arm, AND Solutions, to better serve financial institutions undergoing digital transformation. AND Solutions offers a comprehensive product portfolio, including document processing, credit scoring, and lending systems with active traction in 11 countries. In parallel, the partnership will further strengthen access to finance through AND Global’s local digital lender, LendMN, which is listed on the Mongolian Stock Exchange. IFC will also support LendMN on the adoption of international best practices in corporate governance, risk management, and responsible lending. Serving over 1.3 million registered users, reaching more than 80% of Mongolia’s economically active population, LendMN will continue to play a leading role in advancing financial inclusion for micro, small, and medium enterprises (MSMEs) across the country.         

This is especially critical in Mongolia, where small and medium enterprises (SMEs), two-thirds of which are women-owned, employ 70 percent of Mongolia’s workforce and contribute 17.8 percent of GDP. Yet they have limited access to formal finance due to a lack of collateral and sociocultural constraints, with the SME finance gap estimated at 10.6 percent of GDP, according to IFC.    

“Reaching this milestone is a strong validation of our vision, execution, and growth potential,” said Khos-Erdene Baatarkhuu, CEO of AND Global. “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."

“Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to financial services,” said Matthieu Le Blan, IFC’s Resident Representative for Mongolia. “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.”

Since 1997, IFC has invested about $5 billion in Mongolia, supporting private sector projects in areas including sustainable mining, banking, hospitality, services, and finance for MSMEs. IFC has also been expanding its advisory services to improve the investment and business environment to spur private sector development. This investment marks IFC’s first equity investment in Mongolia in more than a decade.