AND Global secures strategic equity investment from Marubeni Corporation

2020-11-18 12:14:14

Singapore - AND Global Pte. Ltd. (AND Global) secured strategic equity investment of US$10.3 million in its series A round, led by Marubeni Corporation (Marubeni), a major Japanese conglomerate with over $70 billion in revenue, 40,000 group employees and business activities spanning over 14 diversified business divisions. 

AND Global is a start-up company that operates its FinTech R&D center in Ulaanbaatar, Mongolia. The company also runs a small ticket lending business with the brand, “LendMN” and an e-wallet service with the brand, “LendMN Wallet”. Additionally, its operating subsidiary, LendMN NBFI JSC was listed on Mongolian Stock Exchange in 2018.

The company’s existing investor, Techstars Ventures, a venture arm of Techstars, has also participated in this round of financing.

AND Global strives to help its customers in the seamless integration of cutting-edge fintech solutions into their businesses. In this regard, AND Global has built a “Fintech-as-a-Service” solution (FaaS Solution), including AI-powered credit scoring system, digital wallet, e-commerce, e-payment and digital lending systems. 

Since 2017, AND Global has successfully piloted the FaaS Solution in Mongolia, where over 430K customers use its digital wallet to make and receive e-payments, and over 175 thousand customers use its digital lending system. 

AND Global intends to use the funds to further develop and advance its FaaS Solution, and to scale its business globally. 


AND Global’s CEO, Anar Chinbaatar noted that “This investment demonstrates the confidence our existing and new investors have in our technology and its commercial scalability. We are grateful for the continued support of all of our investors. With the new investment, we can look ahead and focus on the long-term results of the company, and create long-term value for our customers, investors and employees”.

In April 2020, Marubeni and AND Global entered into a global strategic partnership based on the shared passion to making people’s lives more convenient through digital financial services, especially in the post COVID-19 economy. Since then, AND Global has been collaborating with Marubeni in working towards realizing shared passion. 

Through this process, Marubeni has also grown to believe even more strongly in AND Global’s vision and digital development capability in providing its FinTech service due to its strong management and talented people. As such, Marubeni decided the agreement to strengthen its relationship with AND Global even further by investing in the company and support its further growth in the future.

After consummation of the equity subscription, Marubeni, as the largest shareholder of AND Global, will continuously provide necessary support for the company’s global expansion, including deployment of its own employees to AND Global’s group companies and extensive support for business development.

With a startup DNA, AND Global is an agile organization, constantly innovating to create a better, faster experience for its customers. In this regard, Marubeni’s extensive experience and knowledge pool accumulated for more than 150 years will be critical support to accelerate the company’s global expansion plan.

Looking ahead, And Global will continue working together with Marubeni and its stakeholders in offering the FaaS Solutions to And Global’s existing and new customers across the world and developing new and innovative FinTech products and services with the shared passion to making people’s lives more convenient through digital financial services, according to the press release by AND Global. 


About AND Global Pte. Ltd.

Location:                      Singapore

Founded:                      November 2017

Established in 2017, AND Global is a fast growth startup that is firmly set on the trajectory to provide inclusive financing and innovative technologies to global markets.

AND Global piloted in Mongolia through its subsidiary LendMN NBFI JSC, introducing accessible financial services based on a mobile application running on proprietary in-house AI-based technology. To further scale across new geographies, AND Global also runs similar operations in the Philippines.

The company aims to expand its business globally through the implementation of FaaS, pivoting on technological innovations.

About Marubeni Corporation

Location:                           Japan, Tokyo

Founded:                           May 1858

Representative:                 Masumi Kakinoki

Marubeni engages in handling of products and provision of services in the areas of import and export. It also conducts business investment, development and management. It operates through the following segments: lifestyle, ICT & real estate business, forest products, food, agri business, chemicals, energy, metals & mineral resources, power business, infrastructure project, aerospace & ship, finance & leasing business, construction, industrial machinery & mobility, and next generation business development. Additionally, the Marubeni Group offers a variety of services. 

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