Lendmn
Founded in 2017, LendMN is Mongolia's first and largest fully digital fintech lender, offering AI-powered non-collateralised consumer and MSME loans via its mobile LEND app, with 1.26M+ registered users (around one-third of Mongolia's population) and ~55.7% market share of the country's digital NBFI segment.
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 2017 in Ulaanbaatar, Mongolia, LendMN NBFI JSC (operating under the "LendMN" brand) is the first and largest fully digital fintech lender in Mongolia, FRC-licensed and the first NBFI listed on the Mongolian Stock Exchange (IPO March 2018). Majority-owned (75%) by AND Systems LLC, part of AND Global (backed by Marubeni and SBI Holdings), LendMN has grown to 1.26M+ registered users (~1/3 of Mongolia's population) and ~55.7% share of the digital NBFI segment, with ~50 employees.
Business Model & Lines of Business
LendMN runs a fully digital, AI-powered, non-collateralized consumer and MSME lending franchise via its "LEND" mobile app — e-KYC/e-KYB, credit decisioning and disbursement under 5 minutes. Products span Micro (up to USD 1.5k), Flexi Consumer (up to USD 14.8k), Flexi Business (up to USD 5.9k) and Business loans (up to USD 29.5k); MSME lending launched in Q1 2024 (62% women-led). Funding is diversified across trust financing, bond issuances and bank borrowings, with operational receivables securing KILDE's facility.
Key Milestones
Loan portfolio grew from USD 12.5M (2021) to USD 63M (Oct 2024), a 92% CAGR vs. 42% industry average. FY2023 revenue reached USD 13.8M (+116% YoY) with net profit of USD 5.7M; 10M 2024 revenue hit USD 25M with USD 8.8M net income and 59.2% ROE. NPLs were 3.7% (mid-2024) vs. 7.0% industry. Audited by Ernst & Young.
Management Team & Organization
Led by Chairperson Boldbaatar Ochirsuren (co-founder; ex-PwC UK/Mongolia, CPA), CEO Uuganbayar Tserendorj (since 2022; concurrently CFO of AND Global), and President Katsuhiko Madono (ex-CEO of EASY BUY Thailand and Aira & Aiful). The 9-member Board includes three independent directors. The organization is centralized in Ulaanbaatar within the AND Global group, with sister company AND Systems LLC providing technology infrastructure.
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