The Mongolian fintech company LendMN NBFI JSC has secured a senior secured debt facility of up to USD 20 million from Lendable Inc., an impact-focused fintech lender, with the assistance of Delphos. This financing will enable LendMN to expand its micro loans portfolio, providing greater access to financial services for underserved individuals and small businesses that traditional banks often exclude due to a lack of regular income or collateral. LendMN is the pioneering fintech that leverages artificial intelligence and data-driven credit scoring to offer the first fully digital and non-collateral consumer and business loans in Mongolia. The impact of this transaction is significant, as LendMN’s lending model caters to borrowers with irregular or non-salaried income, specifically customers in rural areas, and women entrepreneurs. Currently, 35% of LendMN’s borrowers reside in rural areas, and 90% have non-salaried income, underscoring the company’s strong commitment to financial inclusion. The financing is particularly significant in Mongolia, where the lending landscape is dominated by short-term domestic funding sources. This three-year facility provides LendMN access to longer term international capital, and sustainably expand credit to its underserved customers. This financing marks LendMN’s first offshore fundraising initiative and represents Lendable Inc.’s first financial close in Mongolia, demonstrating a strong alignment of interests between both parties under Delphos’ strategic guidance and negotiation support. “We are excited to partner with Lendable Inc. to bring international capital to Mongolia and support LendMN’s mission to expand access to credit for underserved communities across the country,” said Uuganbayar.TS, CEO of LendMN NBFI JSC. The transaction aligns with the United Nations’ Sustainable Development Goals (SDGs) 10 and 5, which aim to reduce inequalities and ensure gender equality. With this successful transaction, Delphos continues to reinforce its commitment to fostering financial inclusion in emerging markets through innovative financing solutions. Delphos’ President, Andrew Brown said, “This transaction is a testament to Delphos’ expertise in facilitating impactful cross-border financings that drive financial inclusion. We are proud to support LendMN in its mission to expand access to credit for Mongolia’s underserved populations.”
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