Sendly
A listed Mongolian NBFI combining traditional collateral-backed consumer and SME lending with cross-border money remittance and a proprietary fintech overlay, the first Mongolian issuer of a Korean Arirang bond and an MSE-listed company since 2023.
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
Incorporated in May 2015 in Ulaanbaatar, Sendly is a Mongolian non-bank financial institution licensed by the Financial Regulatory Commission. The company IPO'd on the Mongolian Stock Exchange in 2023 and today operates 59 branches (51 in Ulaanbaatar, 8 rural) with 133 employees and 26,280 active customers with loan balance.
Business Model & Lines of Business
Sendly runs a diversified collateral-backed lending franchise paired with cross-border money remittance and an in-house fintech overlay. Four core lending products: Credit Line for larger SMEs (avg ticket ~USD 21.6k, monthly installments, ~37% APR, ~35% share); Consumer Loan for salaried individuals (avg ticket ~USD 0.6k, ~37% APR, ~25%); Vehicle Pledged Loan (avg ticket ~USD 2.5k, ~52.8% APR, ~23%); and Merchant Loan, a daily-installment SME working-capital product (avg ticket ~USD 1.1k, ~37% APR, ~18%). Remittance corridors span the USA, Australia, Japan, China (Alipay) and Korea (PANDA REMIT), 60,991 transactions totaling USD 13.9M in 2025.
Key Milestones
Net loan book grew from USD 2.4M (2021) to USD 28.0M (FY25), a ~12x increase, with FY25 revenue of USD 11.7M and net income of USD 2.8M (24% net margin, ~8% ROA). Sendly became the first Mongolian company to issue a Korean Arirang bond (KRW 2B, 2025) and has tapped domestic capital markets via multiple bond issuances. It is rated A- by MFR (Sep 2024) and A- by Onch Credit (Nov 2024), and is ISO/IEC 27001:2022 certified.
Management Team & Organization
Led by Executive Director B.Odgerel, supported by COO Kh.Ichinkhorloo, CFO B.Batjargal, and CBO P.Bolorchuluun. The workforce averages 9.7 years of financial-market experience and is 67.7% female. Ownership: Mongolia Fintech Group LLC 77.95%, Sendly Employee LLC 8.95%, public float 8.44%, employees 3.90%, Radics Technology LLC 0.77%. Audited by Khulegtkhunnu Audit LLC from FY2023.
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