Singapore registered AND Global has announces the upcoming initial public offering (IPO) of its Mongolian subsidiary LendMN, a smartphone-based instant lending service provider. The IPO was launched on 20 February, on the Mongolian Stock Exchange, following LendMN’s monumental success over the past year. LendMN aims to raise USD 2 million. The company issues 200 million shares in total, corresponding to a 25% stake in the total equity of the company.

LendMN brings emergency loans to consumers who are either under-banked or are totally outside of the formal financial system. Since its soft launch in January 2017, the company has issued USD 9.5 million in loans to roughly 28,800 active borrowers. The LendMN platform currently distributes more than 1,500 loans per day with a repayment rate of approximately 98.2%, and boasts a 4.6 star rating in the Google Play store.