Mongolia’s LendMN Secures $20 Million in Senior Secured Debt Facility

The leading digital lending platform in Mongolia, LendMN NBFI JSC, has secured a significant senior secured debt facility of up to $20 million from Lendable Inc., an impact-focused fintech lender. This deal, facilitated by Delphos, a renowned specialist in cross-border financings, is expected to have a profound impact on Mongolia’s financial inclusion landscape. Unlocking Financial Inclusion
The financing will enable LendMN to expand its micro loans portfolio, providing greater access to financial services for underserved individuals and small businesses in Mongolia. Currently, 35% of LendMN’s borrowers reside in rural areas, and 90% have non-salaried income, making it challenging for them to access traditional banking services. This deal will address this gap by offering fast and accessible financial solutions to these communities.

“This financing enables us to expand access to credit for underserved communities across Mongolia. With our digital lending platform and data-driven credit assessment, we can better support individuals with irregular incomes, rural residents, and women entrepreneurs, fostering financial inclusion and economic empowerment while reinforcing our commitment to innovation in Mongolia’s financial sector,”

said Uuganbayar.TS, CEO of LendMN NBFI JSC. Alignment with Sustainable Development Goals
The funding aligns with the United Nations’ Sustainable Development Goals (SDGs) 10 and 5, which aim to reduce inequalities and ensure gender equality. LendMN’s focus on financial inclusion, particularly for women entrepreneurs, will contribute to achieving these goals.

LendMN’s borrower base comprises 56% women, and 66% of its workforce is also comprised of women, demonstrating its commitment to empowering women in Mongolia’s financial sector.
35% of its active borrowers are in rural areas, underscoring the company’s efforts to bridge the gap between financial inclusion and rural communities.
90% of its borrowers have non-salaried income, making it challenging for them to access traditional banking services.

A Pioneering Fintech Model
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. This innovative model has enabled the company to provide fast and accessible financial solutions to its customers, particularly those with irregular income or collateral constraints.

Key Partners

LendMN NBFI JSC	Lendable Inc.	Delphos
Leading digital lending platform in Mongolia	Impact-focused fintech lender	Specialist in cross-border financings

Market Impact
This financing marks LendMN’s first offshore fundraising initiative and represents Lendable Inc.’s first financial close in Mongolia. It demonstrates a strong alignment of interests between both parties under Delphos’ strategic guidance and negotiation support.

This three-year facility provides LendMN access to longer-term international capital, enabling the company to sustainably expand credit to its underserved customers.
Delphos’ expertise in facilitating impactful cross-border financings has enabled LendMN to access new international capital.

A Strong Commitment to Financial Inclusion
LendMN’s commitment to financial inclusion is reflected in its lending model, which caters to borrowers with irregular or non-salaried income, specifically customers in rural areas, and women entrepreneurs. The company’s focus on empowering women in Mongolia’s financial sector is a testament to its dedication to achieving the United Nations’ Sustainable Development Goals. “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,” said Andrew Brown, President of Delphos. The deal highlights Delphos’ ability to attract new international capital to Mongolia, supporting the country’s development goals and contributing to its financial inclusion agenda.