Netcapital
Founded in 2008, Netcapital Financial Corporation NBFI LLC is a Mongolian non-banking financial institution regulated and licensed by the Financial Regulatory Commission of Mongolia (FRC), offering retail banking services, home and auto loans to over 100,000 customers through a digital-first, platform-based ecosystem of e-channels including Net Pay, Net Store and Net Merchant.
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 2008 and headquartered in Ulaanbaatar, Netcapital Financial Corporation NBFI LLC (the borrower entity under Netcapital Financial Group) is a Mongolian non-banking financial institution regulated by the Financial Regulatory Commission (FRC) of Mongolia. Originally launched as a loan, trust and investment consulting provider, the group has scaled into one of the top 5 NBFIs in Mongolia (ranked 89th in the country's Top 100, behind the leading banks), with 47 branches (16 urban, 22 rural, 5 soum, 4 digital) across 21 provinces and 692 employees serving 82,500 active borrowers (53% women, 47% men) as of 4Q2025. Chairwoman Javzandulam S. and CEO Khunshagai B. lead the firm under a board with six independent directors.
Business Model & Lines of Business
Netcapital runs a customer-centric, platform-based NBFI franchise underpinned by a proprietary e-channel ecosystem (Net Pay, Net Store, Net Merchant, NETAPP) and AI-driven digital infrastructure. At consolidated level, the group's USD 201.9M gross loan book splits into Consumer loans (~58%; flagship "Amar" product), Business loans (~23%; MSME/SME, including women-led businesses), Automobile loans (~13%) and Green loans (~13%). At the borrower entity (NC NBFI), the USD 71.9M gross book skews more digital and SME, with Auto 23%, Business 19% and Digital loans driven through the Netpay super-app (USD 23.6M total: USD 9.3M digital business, USD 17.3M digital consumer). The group complements lending with leasing (Netcapital Leasing LLC) and operates under an electronic-money licence issued in 2021.
Key Milestones
Over 17 years in the NBFI sector, Netcapital has scaled gross loans at a 31.3% CAGR (2023-2025), with consolidated total assets growing from USD 102.7M (2023) to USD 227.5M (2025) and net profit from USD 11.1M to USD 18.8M (+27.6% YoY). NC NBFI standalone equity more than doubled to USD 37.3M (+129.8% YoY) on net profit of USD 6.6M (+69.2% YoY). 2024 marked the group's debut in international capital markets with USD 9M raised via Kilde and adoption of the IDCXS standard; 2025 added Mongolia's first SME-backed security issuance (MNT 30B), USD 3M from EMF Microfinance Fund and a further USD 2.4M Kilde tranche. NPL held at 7.0% (NC NBFI) vs 7.8% sector average, with CAR of 41.9% and Tier-1 of 33.2%.
Management Team & Organization
Chairwoman Javzandulam S. (effective 2024; ex-First Deputy CEO 2022-2024, Business Development Manager 2019-2022) and CEO Khunshagai B. (effective 2022; ex-Deputy CEO Netcapital 2020-2022, XacBank 2016-2020, TDB 2012-2016) lead an executive team of six Vice Presidents covering IT, Product Development & Digital Transformation, Finance, Lending and Growth. The board includes six independent directors with 9-30 years' experience across banking, finance, real estate, insurance and media: Chudanjii Sharav, Urangoo Altangerel, Bolorchimeg Baatarzorigt, Orgil Lkhagvatumur, Munkhjavkhaa Batchuluun and Orgodol Sanjaasuren. Nine CEO-level committees govern operations: Management, ALCO, Product & Innovation, Risk & Governance, Credit, HR & Culture, Technology & Digital Strategy, Customer & Market, and Audit.
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
Data Sources
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