TLDR: Fintech firm AND Global has successfully raised $21.4 million in a Series B funding round. The investment, co-led by the International Finance Corporation (IFC) and AEON Financial Service, with participation from Marubeni, SBI Holdings, and Premium Group, is earmarked for expanding its AI-driven fintech solutions across Southeast Asia. The company aims to enhance financial access for small businesses, as well as unbanked and underbanked populations.
AND Global, a prominent global fintech company, announced today the successful closure of its Series B funding round, securing $21.4 million USD. This significant investment was co-led by the International Finance Corporation (IFC), a member of The World Bank Group, and AEON Financial Service, a leading Japanese financial conglomerate with extensive operations across 11 Asian markets. Additional strategic investors in this round include Marubeni Corporation, a major Japanese trading conglomerate with a growing presence in digital finance; SBI Holdings, a leading internet-based financial conglomerate headquartered in Tokyo; and Premium Group, a Japanese auto mobility financing and services company.
The capital infusion is set to fuel the further development and expansion of AND Global’s innovative services, particularly its AI-driven fintech tools, across the burgeoning markets of Southeast Asia. The primary objective is to improve access to financing for small businesses, as well as the vast populations of unbanked and underbanked individuals throughout the region. This Series B funding marks a historic achievement for AND Global, making it the first Mongolian company to secure such a significant investment, underscoring its commitment to bridging the financial inclusion gap in Southeast Asia.
Originating in Mongolia in 2017 as a small fintech focused on digital lending for underserved communities, AND Global has evolved into a regional powerhouse, empowering financial institutions across Asia to accelerate their digital transformation efforts. The investment aligns with IFC’s global strategy for digital transformation and financial inclusion, aiming to scale AND Global’s AI-powered fintech offerings and introduce new products specifically designed for financial institutions serving Micro, Small, and Medium Enterprises (MSMEs).
According to data from the World Bank, approximately 1.4 billion adults globally still lack access to formal financial accounts. Furthermore, the GSMA estimates that a staggering 345 million of the 400 million micro-enterprises in emerging markets operate informally. AND Global’s strategic expansion of its AI-driven solutions is poised to address these critical market needs.
Khos-Erdene Baatarkhuu, CEO of AND Global, expressed his enthusiasm regarding the funding round: “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.”
Matthieu Le Blan, IFC’s Resident Representative for Mongolia, emphasized the transformative potential of digital solutions in the region: “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 digitalization of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts.”
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AND Global’s commitment to technological innovation is further highlighted by its status as one of the first Mongolian AI partners of Microsoft. The company maintains a strong regional presence with offices in Singapore, the Philippines, Thailand, and its home country, Mongolia.
