Mongolian fintech LendMN has raised USD $20 million towards financial inclusion for MSMEs in Mongolia.
LendMN aims to enhance financial accessibility and inclusion to underbanked and unbanked populations. The fintech’s Flexi Business Loan account has facilitated over $70 million in loans to Mongolian businesses.
Debt finance provider Lendable funded the growth, opening LendMN to more investments and providing a platform for Mongolian fintech firms.
Suresh Samuel, managing director and head of fintech at Lendable, stated: “LendMN has, through its strong foothold in Mongolia, showcased an impressive ability to bring digital financing to underserved segments in the country, allowing people to improve their lives and support their small businesses. We are delighted to be able to support a company of this calibre, with a demonstrated track record and strong management team. We see significant opportunities ahead, especially within the digital MSME financing space, and are pleased to play a role in that growth.”
LendMN CEO and board member, Uuganbayar Tserendorj, commented: “We are delighted with this achievement and it serves as an indication of LendMN’s robust technology and the success of our business model focused on serving underbanked segments, opening doors to potential future international investment opportunities. Our aim is to deliver meaningful, digital financial services for all, and Lendable’s backing brings us one step closer to reaching this goal.”