Fintech startup AND Global raises $2.8m in funding

AND Global CEO Anar Chinbaatar

Singapore incorporated financial technology firm AND Global has raised $2.8 million in funding from South Korea’s Rhinos Asset Management for its subsidiary AND Systems to finance its push in Myanmar and the Philippines.

The latest investment brings the total funding raised by AND Global and its subsidiaries to $15.3 million, including equity investment and debt financing.

AND Global, founded in Mongolia and incorporated in Singapore in May 2015, offers microlending, installment loans, and a digital wallet. It uses AI-based credit scoring in determining the credit-worthiness of applicants, reducing the costs of on-boarding, underwriting, and risk.

“We combine traditional data with non-traditional big data to unlock the credit to under-banked people around the world,” the company said.

With the fresh funding, AND Global seeks to expand in Southeast Asia and serve the 131 million unbanked people in the Philippines and Myanmar. It recently launched LendMN Wallet in Mongolia, turning its existing LendMN app into a full-featured digital wallet.

In 2019, LendMN will launch its ‘platform as a service’ on the cloud – enabling any financial institution around the world to license their technology and offer services such as microloans and P2P payments

“The fresh funding will enable dramatically scaled growth in Myanmar and the Philippines, where around 80 per cent of the population does not have a bank account,” according to a statement.

While still a new player in the fintech industry, AND Global has already brokered a number of deals, including with Rakuten, since its inception in 2015. The company has also allocated over $45 million in personal loans to date and acquired a bricks-and-mortar bank.

“We are a fast growth startup that is firmly set on the course for multiple expansions across Asia to provide fully regulated and supervised financial services using our proprietary technologies,” AND Global said.

Also Read:

SE Asia fintech startups catch investor fancy, received $150m VC capital last year

Southeast Asian fintech firm Akulaku raises $70m in Series C round

Note: This article was amended twice on November 1 after AND Global’s PR team clarified that the company’s press release contained some factual errors. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.