AND Global lands $5m to tackle Mongolia’s lending market

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fintech insurtech wealthtech regtech ai cybertech esg news

AND Global is looking to tackle Mongolia’s lending market after collecting $5m in seed financing.

The new funding values the company at $30m, meaning AND Global is the highest-valued and highest-funded tech startup in Mongolia with a $30.8m post-money valuation.

AND Global’s funding came in two tranches, a $1m pre-seed round which closed back in April 2016 and a $4m round in August this year. Most of the funding came from angel investors in Mongolia and Japan.

Its signature and first product is LendMN, a mobile app-based microlending platform for personal loans. The platform allows Mongolian borrowers, both banked and unbanked to get access to financing through their smartphones and claims to have lower loan fees than traditional banks.

The app uses AI-powered technology to calculate personalized credit score for a customer, who has limited data on borrowing history. IT is currently disbursing more than 500 loans per day and the loan repayment rate is valued at approximately 98.5% according to its website.

Having launched in November of last year, the platform has already provided  $1.9m in loans and has a 70% M-o-M growth rate.

AND will use the seed capital to scale up its personal microloan business and move into lending to businesses.

Having launched LendMN in Mongolia through subsidiary LendMN NBFI, it is now in the ‘second phase’ of its road map. It has launched start-up operations in the Philippines, with future expansions targeting Japan, Indonesia, and Pakistan.

The startup aims to expand into three countries in 2018 and has shortlisted a further 10 nations

Following the completion of phase two’, AND Global plans to work on Blockchain technology for micro finance products, biometrics-based payment systems, a business to consumer service platform, and crypto currency products.

Another startup operating in Asia’s lending market is India-based CrediFiable. Smiliar to AND Global, CrediFiable is a lending platform which uses its data-driven underwriting technology to offer loans to people with or without credit histories. Last month, CrediFiable received an undisclosed investment from Kae Capital.

Also this year, FinTech Global reported Kabbage, an SME lending platform, is in the process of raising $161m according to a filing with the Securities and Exchange Commission.

While online lending platform LendingClub has closed its second securitisation deal, which it sponsored and supported, in a deal worth $323m.

Copyright © 2017 FinTech Global


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