IFC Invests $7 Million in AND Global to Boost Digital Finance and Inclusion in Mongolia

As part of its mission to advance digital transformation and foster financial inclusion worldwide, the International Finance Corporation (IFC), a member of the World Bank Group, has announced a $7 million equity investment in AND Global, a leading fintech company founded in Mongolia. The investment, made as part of a Series B funding round, is aimed at expanding access to finance for small and medium enterprises (SMEs), supporting job creation, and accelerating Mongolia’s transition toward a more diverse and resilient economy.

Strengthening Digital Transformation Through Innovation

With IFC’s backing, AND Global plans to scale its AI-driven solutions and expand its technology-driven product portfolio through its subsidiary, AND Solutions. The technology arm already offers advanced financial solutions such as document processing systems, credit scoring models, and digital lending platforms that are active in 11 countries. This strategic investment will help strengthen these offerings and equip financial institutions with innovative digital tools as they adapt to rapid changes in global financial services.

The partnership also extends to strengthening access to finance through LendMN, a subsidiary of AND Global and Mongolia’s first publicly listed digital lender on the Mongolian Stock Exchange. With over 1.3 million registered users, LendMN has already reached more than 80 percent of Mongolia’s economically active population. IFC’s engagement will help LendMN adopt international best practices in corporate governance, risk management, and responsible lending. This is expected to enhance financial sustainability and customer trust while widening outreach to underserved communities.

Critical Role of SMEs in Mongolia’s Economy

Mongolia’s economic structure makes this investment especially vital. Small and medium enterprises employ approximately 70 percent of the workforce and contribute 17.8 percent of the country’s GDP. However, SMEs face persistent barriers to accessing formal finance due to collateral requirements and cultural constraints, with women-owned businesses accounting for two-thirds of the sector. According to IFC estimates, Mongolia’s SME finance gap stands at 10.6 percent of GDP.

By improving access to credit and digital finance, the partnership between IFC and AND Global seeks to narrow this gap, empower women entrepreneurs, and drive inclusive economic growth.

Leadership Voices on the Milestone

“This milestone is a strong validation of our vision, execution, and growth potential,” said Khos-Erdene Baatarkhuu, CEO of AND Global. “As a startup born in Mongolia, it reflects the relentless effort of our team. Partnering with IFC brings together shared values around innovation and financial inclusion. With its global reach and expertise, this collaboration will significantly accelerate our ability to scale impact and shape the future of finance.”

Echoing this sentiment, Matthieu Le Blan, IFC’s Resident Representative for Mongolia, emphasized the importance of digital finance in the country’s unique context: “Mongolia, as the most sparsely populated country in the world, can greatly benefit from digital solutions to expand access to financial services. By promoting tech entrepreneurship and digitalization, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important step forward in this journey.”

IFC’s Continued Commitment to Mongolia

Since 1997, IFC has invested approximately $5 billion in Mongolia across sectors such as sustainable mining, banking, hospitality, and MSME finance. Beyond funding, IFC has been expanding advisory services to improve the investment climate and strengthen private sector growth. Notably, this $7 million investment marks IFC’s first equity commitment in Mongolia in more than a decade, underlining the strategic significance of AND Global’s role in shaping the future of financial services.

By investing in fintech innovation and empowering SMEs, the IFC–AND Global partnership highlights the growing role of digital solutions in driving inclusive, sustainable, and equitable economic development in emerging markets.