AND Global raises $21.4M to boost APAC inclusion

AND Global, a fast-growing fintech originally from Mongolia, has raised US$21.4 million (approximately PHP 1.2 billion) in Series B funding, signaling a major milestone in its mission to improve financial access across Asia-Pacific.

The round was led by the International Finance Corporation (IFC), a member of the World Bank Group, and AEON Financial Service, a Japanese financial group operating in 11 Asian markets.

The funding will be used to expand AND Global’s AI-driven financial solutions, enhance digital lending services, and support micro, small, and medium enterprises (MSMEs), as well as unbanked and underbanked populations throughout Southeast Asia.

“Our journey from Mongolia to the rest of Asia has been nothing short of incredible,” said Khos-Erdene Baatarkhuu, CEO of AND Global.

“This milestone reflects our team’s hard work and passion to make finance more inclusive. With IFC and AEON by our side, we’re more ready than ever to scale our impact.”

Founded in 2017 to bring digital credit to underserved Mongolian communities, AND Global has since evolved into a regional fintech enabler, helping financial institutions digitize services and reach marginalized populations more efficiently.

With this Series B round, AND Global becomes the first Mongolian company to secure Series B funding, a landmark achievement that positions the firm as a key driver of financial inclusion in Asia.

“Mongolia, as the most sparsely populated country, can greatly benefit from digital solutions to expand access to finance and services,” said Matthieu Le Blan, IFC’s resident representative in Mongolia.

“By promoting tech entrepreneurship and the digitalization of key services, IFC supports job creation, particularly among women and youth. Our partnership with AND Global is an important part of these efforts.”

Research by the World Bank shows that 1.4 billion adults globally remain unbanked, while GSMA estimates that 345 million out of 400 million micro-enterprises in emerging markets are still informal.

AND Global’s expanded platform will address this gap by launching AI-powered tools tailored for financial institutions supporting underserved communities, especially MSMEs.

The company, which now maintains offices in Singapore, the Philippines, Thailand, and Mongolia, is also recognized as one of the first Mongolian AI partners of Microsoft.

Joining IFC and AEON in the Series B round are major Japanese players such as Marubeni Corporation, SBI Holdings, and Premium Group, all with active interests in digital finance and mobility services.

The new capital will allow AND Global to scale faster, deepen partnerships with local banks and fintechs, and improve the financial inclusion infrastructure across the region.

Its Philippines presence is expected to benefit from this expansion, as the country continues to address gaps in digital credit access and financial literacy, particularly for rural and low-income households.

AND Global’s momentum reflects a broader trend of impact-focused fintechs driving inclusive economic development by leveraging technology and cross-border partnerships.