Mongolia’s biggest tech startup raised $5m seed funding
Ulaanbaatar-based fintech startup And Global revealed that it raised US$5 million in seed funding.
Ulaanbaatar-based fintech startup And Global revealed that it raised US$5 million in seed funding, giving it a post-money valuation of US$30.8 million. It makes AND Mongolia highest-valued and highest-funded tech startup in Mongolia. US$5 million is unprecedented for a seed round in the country’s nascent tech scene. AND’s main product is LendMN, a mobile app-based micro-lending platform for personal loans. LendMN went live last November, and since then it has facilitated collateral-free microloans worth US$1.4 million. The startup says it generates revenue through dynamic monthly fees – typically at a rate of 3 to 5 percent – which can significantly undercut traditional providers. AND will use the seed capital to scale up its personal microloan business and move into lending to businesses. LendMN lets users choose the lending amount and repay time period, and processes the request in a few minutes -- compared to days with a traditional bank.The funding will also help it grow beyond Mongolia. The company has satellite offices in Japan and Singapore – highlights Cambodia, Indonesia, Pakistan, and the Philippines, as well as central Europe, as key expansion opportunities. The company, which has issued over $1.9 million in loans as of this month, plans to use the new investment to fuel expansion into the Philippines and Japan and develop new technology such as a blockchain project while preparing for an initial coin offering in December.