Mongolian fintech companies raised ₮14.2 billion in their IPO. What was interesting about these 2 IPOs?

• Brief overview, MOST Fintech, which introduced the first fintech service in Mongolia, and Innovation Investment, facilitating daily finances with QPay services, conducted IPOs the previous week.

Went Successful

Innovation Investment raised ₮8.3 billion while MOST Fintech raised ₮5.8 billion. Interestingly, they were listed on 2 different exchanges.

• 2 stock exchanges: MOST Fintech is listed on the Ulaanbaatar Securities Exchange, the first private exchange in Mongolia, while Innovation Investment is registered on the Mongolian Stock Exchange (MSE).

In-Depth Analysis

The two companies share a common focus on providing financial access through cost-effective e-payment systems, although they differ in their approaches. Innovation Investment specializes in QR services that enhance connectivity between businesses and financial institutions. At the same time, MOST Fintech, through its Most Money app, offers a broader spectrum of financial services in addition to QR capabilities. Further insights about finance,

• Like a roller coaster: MOST Fintech reported a revenue of ₮5.9 billion in 2021, the highest figure since 2019. However, prior years witnessed an average income of ₮1 billion, resulting in a retained loss of ₮724.3 million in 2022.
• Outstanding growth: Innovation Investment achieved remarkable growth, evidenced by its 2022 revenue reaching ₮6.3 billion, a 15.6-fold increase from 2019. Consequently, retained earnings for 2022 reached ₮2.7 billion, primarily sourced from QR code stickers from businesses and connections to the QPay system partnered with commercial banks and businesses.

In conclusion, fintech companies recently initiated their IPOs in the Mongolian stock market, achieving successful closures.