AND Global, a fintech company based in Mongolia, has raised US$21.4 million in a series B round led by the International Finance Corporation and AEON Financial Service.

The funding will be used to develop AND Global’s digital lending and fintech solutions aimed at improving access to financial services for small businesses and underserved communities across Asia.

Founded in 2017, the company provides digital tools to help financial institutions in Asia expand their services.

Other investors in the round include Marubeni Corporation, SBI Holdings, and Premium Group.

AND Global has offices in Singapore, the Philippines, Thailand, and Mongolia.

🔗 Source: AND Global

🧠 Food for thought

1️⃣ Asia’s financial exclusion creates massive market opportunity for targeted fintechs

The scale of financial exclusion in Asia-Pacific reveals why investors like IFC are backing specialized solutions like AND Global’s.

While approximately 70% of adults in the Asia-Pacific region have access to formal financial services, this varies dramatically by country, with women and low-income populations disproportionately affected by exclusion1.

The World Bank’s figure of 1.4 billion unbanked adults globally, combined with GSMA data showing 345 million of 400 million micro-enterprises in emerging markets operating informally, demonstrates the enormous addressable market that AND Global is targeting.

This context explains why AND Global’s focus on Mongolia, described as “the most sparsely populated country” by IFC, makes strategic sense, as digital solutions become essential for reaching underserved populations in geographically challenging markets.

The company’s expansion from Mongolia across Southeast Asia follows a pattern where fintechs often solve financial inclusion challenges in their home markets before scaling regionally.

2️⃣ Series B milestone signals credibility amid tightening funding environment

AND Global’s achievement as the first Mongolian company to reach Series B funding gains significance given the current challenging investment climate in Asia-Pacific.

Fintech investment in the region fell to $4.3 billion across 363 deals in H1 2025, down from $7.3 billion in H2 2024, with only seven megadeals exceeding $100 million during the period2.