Everyone likes to read success story
So, let us share with you our one success story.
Mongolia’s first & biggest
mobile based lending app
Back in 2016,
We started out as a group of friends with math backgrounds, who wanted to create Mongolia’s first AI/ML-based credit scoring system. However, when we wanted to sell this Credit Scoring system to other banks and NBFIs, no one understood its importance of it, and no one took them seriously.
So, we decided to start our own NBFI, LendMN, and used our own Credit Scoring technology, as well as other technological solutions like mobile phone-based micro lending, that were first in the country.
Challenges at that time
It was not that easy when we first started. At the time in Mongolia, there were no e-KYC, no API connections with the Credit Bureau, no open banking to retrieve bank statements, no centralized scoring system, no corporate gateway with banks for collection and disbursement of loans, and only wet signatures were accepted. In addition, most of the lending market was dominated by pawn shops and traditional lenders, which had processes that took as long as 1 month in some cases.
Acquisition price: --,000$
Fully digital micro-lending
Mobile-based & branchless
AI/ML-based credit scoring
$–,000$ -> $7,000,000 IPO valuation
Not long after, we introduced an e-Wallet feature to LendMN, but soon realized that to reach a wider demographic, we had to separate the e-Wallet from the Lending app, so we built the first lifestyle ecosystem app with open APIs to incorporate third party services, called Super Up.
We have been busy introducing B2C digital services to the market, but deep down all of us had a Tech DNA, and we wanted to focus more on the technology and provide our tech solutions to other companies, internationally. Now, through AND Solutions, we are providing our market-tested solutions to other clients in other countries.