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.
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.