Mongolia’s first fintech company LendMN expands cooperation
Less than one year since its commercial launch, LendMN aims to raise $2 million USD in a local IPO issuing 200 million shares in total, corresponding to a 25% stake in the total equity of the company.
LendMN is an instant lending platform, a smartphone-based instant lending service provider and a Mongolian subsidiary of Singapore based Fintech startup, AND Global. LendMN launched the IPO on the Mongolian Stock Exchange on February 20th. Less than one year since its commercial launch, LendMN aims to raise $2 million USD in a local IPO issuing 200 million shares in total, corresponding to a 25% stake in the total equity of the company. Strategic acquirers, including Seoul based Rhinos Asset Management, have announced their intents to purchase shares worth $1 million USD, for a 12.5% stake in the company. LendMN brings emergency loans to consumers who are either under-banked or are totally outside of the formal financial system. Thanks to the region's high demand for financial services coupled with the company's highly capable AI algorithm, it has witnessed 70% month over month growth from its customer base in Mongolia. The LendMN platform currently distributes more than 1,500 loans per day with a repayment rate of approximately 98.2%, and boasts a 4.6 star rating in the Google Play store. LendMN offers its users a new level of financial freedom through a monthly fee without requiring them to post collateral or enduring sky-high interest rates. Having achieved strong product market fit in Mongolia, AND Global hopes to eventually replicate this model to bring a suite of financial services for Japan, the Philippines and the rest of Southeast Asia.
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