M Bank is a digitally oriented commercial bank in Mongolia focused on expanding digital lending to women and SMEs. Since acquiring its commercial banking license in February 2022, the bank has grown quickly and is fully owned by MCS Group. As of December 2023 M Bank reported almost 40,000 borrowers and total assets of over $200 million. The bank plans to expand by leveraging MCS Group’s nationwide network and to pilot targeted financial services for local businesses and merchants participating in supply chains. Under a program with the International Finance Corporation (IFC) in Ulaanbaatar, M Bank will broaden SME finance and supply chain finance offerings and direct 25% of IFC funds toward women-led SMEs. IFC will provide up to $30 million in funding and technical advice to support the bank’s environmental and social management system and to scale inclusive digital lending.

Total raised

$30M

Funding rounds

1

Latest round

Equity

Latest activity

May 2024