LendMN Raises $20 Million To Support Financial Inclusion

LendMN, a fintech lending firm from Mongolia, has received $20 million in funding to help families and workers who need loans. The company shared that it plans to use the new fund to reach more families who find it hard to get loans from banks. LendMN said it wants to bring better money services to everyone, no matter where they live or what kind of job they do.

The company explained that it uses phone apps to give loans without asking for land, houses, or cars. LendMN said this is very helpful because many workers and small shop owners in Mongolia cannot meet the tough rules that banks put in place. By using smart computer programs, LendMN checks if someone can collect a loan in a fast and easy way.

LendMN Plans To Expand Its Loan Offerings With The New Funds

LendMN has reached many workers and families since its launch. The firm said it now hopes to grow its work with the new $20 million support. This fund will help the company reach far places where banks do not have offices. LendMN explained that more families will now get quick help for school fees, health needs, and small shops.

The company said that it uses smart computer tools to see if someone can collect a loan. With a few touches on a phone, users can ask for a loan and hear back quickly. The company said this saves time and helps users stay away from long bank lines and hard bank rules.

In addition to lending, LendMN offers a wallet service on phones. Families can keep their money safe, clear their bills, send money to relatives, and shop for goods online. LendMN said this wallet service helps families who live far from banks and brings easy financial help right into their hands.

LendMN Hopes To Reach More Workers And Families

LendMN explained that it wants users to learn how to handle money in a wise way. The company shared that it has support teams to guide users on saving, spending, and growing their small shops. The company said teaching users about financial management brings better results and happier lives.

With the new $20 million support, LendMN shared that it hopes to reach more towns, and villages, and even move outside Mongolia. The company said it wants to help farmers, traders, and workers who have no easy way to borrow money today.

The company also revealed that new tools will soon be added to its app. These tools will help users get funds faster, save more easily, and enjoy safer services. The company said it wants to give workers and small shops stronger support for their dreams.