AND Global raises USD $21.4m to boost fintech for Asia-Pacific
AND Global has raised USD $21.4 million in Series B funding to expand its fintech solutions and improve access to financial services for the unbanked and underbanked across the Asia-Pacific region.
The Series B round was led by the International Finance Corporation (IFC), a member of the World Bank Group, and AEON Financial Service, a Japanese financial group with operations in 11 Asian markets. Other participants in the round included Marubeni Corporation, SBI Holdings, and Premium Group, all based in Japan.
Financing expansion
The investment will be used to support the further development of AND Global's products, including digital lending and various fintech tools. These solutions are designed to improve financing accessibility for small businesses and populations who have limited or no access to traditional banking options throughout Asia.
AND Global was founded in 2017 in Mongolia with the aim of providing digital lending to underserved communities. Since then, it has grown into a regional fintech service provider, helping financial institutions transition to digital channels more efficiently across the continent.
Focus on inclusion
According to research cited by the company, 1.4 billion adults globally do not have access to a financial account. The GSMA estimates that of 400 million micro-enterprises in emerging markets, 345 million are informal businesses. The new funding round is intended to help AND Global expand its AI-powered fintech services across Southeast Asia and launch additional tools for financial institutions that serve micro, small and medium enterprises (MSMEs).
Khos-Erdene Baatarkhuu, Chief Executive Officer of AND Global, said:
"Our journey from Mongolia to the rest of Asia has been nothing short of incredible. This milestone reflects our team's hard work and passion to make finance more inclusive. With IFC and AEON by our side, we're more ready than ever to scale our impact."
Backing from international finance
Matthieu Le Blan, IFC's Resident Representative for Mongolia, also commented on the investment: "Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to finance and services. By promoting tech entrepreneurship and the digitalisation of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts."
IFC's involvement in the Series B round aligns with its ongoing commitment to digital transformation and financial inclusion on a global scale.
Regional presence
AND Global is one of the first Mongolian AI partners of Microsoft and maintains offices in Singapore, the Philippines, Thailand, and Mongolia. The company employs 250 people across 13 subsidiaries and operates in 11 countries throughout Asia-Pacific.
The company's development since its founding has marked a first for Mongolia, as it is now the first Mongolian company to secure Series B funding, according to the information provided.
Other participants in the Series B funding round included Marubeni Corporation, a Japanese trading conglomerate expanding into digital finance, SBI Holdings, and Premium Group, an auto mobility financing and services provider.
