International Finance Corporation Invests $7 Million in AND Global

Strategic Insights -

The International Finance Corporation (IFC) has invested $7 million in AND Global, a leading Mongolian fintech company, as part of its commitment to digital transformation and financial inclusion. This investment will support innovation in financial services, improve access to finance for small businesses, and foster job creation and economic diversification in Mongolia. AND Global aims to accelerate the growth of its AI-driven solutions and expand its product suite to better serve financial institutions undergoing digital transformation.

Key Takeaways:

  • IFC has invested $7 million in AND Global, a leading Mongolian fintech company, to support innovation in financial services and improve access to finance for small businesses.
  • AND Global aims to accelerate the growth of its AI-driven solutions and expand its product suite to better serve financial institutions undergoing digital transformation.
  • The investment will also support LendMN, AND Global's local digital lender, in adopting international best practices in corporate governance, risk management, and responsible lending.
  • LendMN serves over 1.3 million registered users, reaching more than 80% of Mongolia's economically active population.
  • Small and medium enterprises (SMEs) in Mongolia employ 70% of the country's workforce and contribute 17.8% of GDP, but have limited access to formal finance due to a lack of collateral and sociocultural constraints.
  • The SME finance gap in Mongolia is estimated at 10.6% of GDP.
  • IFC has invested about $5 billion in Mongolia since 1997, supporting private sector projects in areas including sustainable mining, banking, hospitality, services, and finance for MSMEs.
  • This investment marks IFC's first equity investment in Mongolia in more than a decade.

Statistics:

  • $7 million: The amount of IFC's investment in AND Global.
  • 1.3 million: The number of registered users of AND Global's local digital lender, LendMN.
  • 80%: The percentage of Mongolia's economically active population reached by LendMN.
  • 70%: The percentage of Mongolia's workforce employed by SMEs.
  • 17.8%: The percentage of GDP contributed by SMEs in Mongolia.
  • 10.6%: The percentage of GDP estimated as the SME finance gap in Mongolia.
  • $5 billion: The amount of IFC's investment in Mongolia since 1997.
  • 11: The number of countries in which AND Solutions, AND Global's technology arm, has active traction.

Sources:

  • International Finance Corporation press release
  • International Finance Corporation's website