Bull Capital
Founded in 2014, Bull Capital is a Mongolian non-banking financial institution dedicated to expanding financial inclusion for individuals and SMEs across the country. Through 7 branches, Bull Capital offers Business, Automobile, and Express loans, alongside Trust and Bond investment products — backed by strong governance, ESG principles, and a commitment to responsible, professional service.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total value of bonds this borrower has listed on Kilde for investors to fund.
Mongolia
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded in 2014 in Ulaanbaatar, Bull Capital was relaunched in June 2021 following a 100% shareholder change that installed a new management team drawn from Trade and Development Bank of Mongolia and Invescore NBFI. After securing its NBFI lending license from the Financial Regulatory Commission in 2014, it added trust funding (Feb 2022) and factoring (Nov 2022) licenses, and has since grown into one of Mongolia's fastest-scaling NBFIs, operating through 8 branches in Ulaanbaatar with 29 employees.
Business Model & Lines of Business
Bull Capital runs a fully collateral-backed lending franchise with two product families, all secured by tangible assets and priced at a weighted-average APR of ~38%. Business Loans (57% of the book, ~USD 9.4m) serve SME owners against pledged real estate, vehicles or office assets (tickets up to MNT 500m / ~USD 145k). Individual Loans (43%, ~USD 7.1m) cover automobile lending — both purchase finance up to MNT 500m with fiduciary repossession rights — and a distinctive Express/Quick Loan secured by real estate or vehicles (up to MNT 100m, short tenor).
Key Milestones
Loan book reached USD 25.99m by Q1 2025 (vs USD 13.96m in 2023, ~+86% over two years), with best-in-class credit quality (NPL 1.4% in 2023, 3.46% Q1 2025 vs sector ~8.9%) and strong returns (ROE 45.6%, ROA 16.2% in 2023). A recurring public-market issuer via three asset-backed bonds (Bull Bond 1-3, 2022-2023, ~MNT 7.8bn). KILDE issued the first USD 2.5m tranche in September 2024. Three-time winner of Mongolia's Best NBFI and recipient of MNCCI's "Entrepreneur of the Year – NBFI 2025"; member of the Mongolian Sustainable Finance Association.
Management Team & Organization
Led by 70.03% owner and CEO Mr. Amgalanbaatar Kh. (19+ yrs, ex-TDB Mongolia, ex-Invescore) and Chairman Mr. Ganbaatar S. (20+ yrs, ex-TDB, ex-Monnis Insurance), the company combines owner-operator alignment with institutional governance: a 5-member Board (incl. two Independent Directors), a 4-person Executive Committee averaging 15+ yrs of banking experience (mostly ex-TDB Mongolia and Invescore), seven board/management committees (Audit, Risk, Credit, Remuneration, Management, HR, Ethics), and an Internal Audit Unit reporting directly to the Audit Committee. Audited by Ulziit Account Audit LLC under IFRS.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.
Market Data
According to Fitch Rating
Annualised
Annualised