Ulaanbaatar Startups to Watch in 2027: Verified Mongolian Tech Companies, Support Bodies and Lessons for Founders
Ulaanbaatar holds almost all of Mongolia's startups, and its strongest companies cluster in a few sectors: digital lending and buy now, pay later, super apps, e-commerce, travel, edtech and Mongolian-language AI. The 2026 version of this article listed ten names, but several descriptions did not match the companies we found, one company's website is now for sale and two names left no trace at all. For this 2027 edition we checked every company on its own website and its App Store listing in October 2026, corrected what was wrong, and added the Mongolian fintech and super-app players that clearly operate today. Funding appears only where a named source reports it. The removed and corrected names are listed near the end.
Quick answer: the Ulaanbaatar startups to watch in 2027 are Chimege (Mongolian voice AI), Toki (a super app with 60+ services), LendMN and Pocket (app-based loans), Storepay (buy now, pay later, now also in Indonesia), Shoppy (online marketplace), Tapa (travel booking), TomYo (edtech and media), Lambda (jobs with AI career tools) and Airee (air purifiers). For support, start with the Mongolian Startup Association and the National IT Park incubator.
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What Building a Startup in Ulaanbaatar Looks Like in 2027
By global standards Ulaanbaatar is a small but growing ecosystem. The StartupBlink 2026 ecosystem index ranks it 427th in the world, 9 places higher than before, and 37th in East Asia, up 1 place since 2025. It counts 74 startups in the city, 96% of all the startups it lists for Mongolia, plus 8 coworking spaces, 4 accelerators and 5 startup organisations. Edtech is the city's largest startup sector in that data, with 9 startups. These numbers cover only companies in StartupBlink's database, not every tech business in the city.
Three patterns show up in almost every company below:
- Finance runs through apps. Loans, instalments and payments are where most of the scale is: Toki, LendMN and Pocket are non-bank financial institutions (NBFIs) that sell credit inside a phone app, and Storepay sells instalments at the till.
- One app, many services. Toki and Tapa bundle taxis, delivery, tickets, travel and payments, because in a small market one app that does many jobs is easier to grow than ten single-purpose apps.
- Mongolian language is a moat. Chimege builds speech recognition and voice tools for Mongolian, and TomYo localises learning content. Global products rarely serve the language well.
Comparing other Asian ecosystems? See our guides to China startups to watch and Kabul startups to watch.
Ulaanbaatar Startups to Watch in 2027 Compared
Sources: each company's official website and App Store listing, checked 30 October 2026. "None cited" means we found no funding announcement from the company or a named source.
The Ulaanbaatar Startups to Watch in 2027
1. Chimege: voice AI built for Mongolian
Chimege Systems builds speech technology for the Mongolian language: an intelligent virtual agent for call centres, Chimege Sub for subtitles, Chimege Protocol for meeting transcripts, Chimege Writer (speech to text), Chimege Reader (text to voice), real-time transcription and a voice keyboard, plus an API for developers. Its office is in City Tower on Sukhbaatar Square, it lists "50+" partners, and it shows client logos including the mobile operator Mobicom, Golomt Financial Group, Erdenet Mining Corporation and the Ministry of Justice and Home Affairs. Its use cases include the government services portal E-Mongolia and Golomt Bank's SocialPay.
Lesson for founders: a language that global AI companies under-serve is a market of its own. Chimege sells the same core speech engine as consumer apps, as call-centre agents and as an API, so one model earns in three ways.
2. Toki: a Mongolian super app with 60+ services
Toki calls itself Mongolia's leading super app. Its homepage lists more than 60 services, including taxis, food and goods delivery, tickets, game top-ups, EV charging, parking, insurance, and its own credit products: Toki Credit, PayLater and leasing. It reports 1.5 million active users and more than 4,000 partner organisations. The App Store lists the publisher as TOKI NBFI LLC, with a first release in September 2020 and an update on 26 October 2026.
Lesson for founders: in a small market, a high-frequency service (taxis, food) brings people in every day, and credit sold inside the same app is where the margin is.
3. LendMN: app-based loans for people and small businesses
LendMN (LendMN NBFI JSC) offers consumer loans, a FlexiBusiness working-capital loan for small companies, an investment product called Lend Plus, and LendBond bonds, all through its app. Its service centre is in Altan Joloo Tower on Seoul Street in Ulaanbaatar's Sukhbaatar District, and its logo carries the line "Group company of AND Global". According to CFOtech Asia, LendMN secured USD 20 million in debt financing from Lendable in April 2025, and its Flexi Business Loan had reached 3,800 business owners. Its iPhone app first appeared in December 2016 and was updated in August 2026.
Lesson for founders: lenders grow on debt, not only equity. Once a credit model has a track record, debt funds and bonds can finance the loan book while founders keep their shares.
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4. Pocket: loans and instalments in one app
Pocket offers digital loans, Pocket Zero instalment purchases, Pocket Leasing and a PocketSafe product. According to its App Store description, the company behind it, Pocket NBFI LLC, was set up in May 2019 under the name Invescore Wallet NBFI LLC and received its non-bank financial licence from Mongolia's Financial Regulatory Commission on 25 November 2019, and it scores credit with its own AI system and the Bank of Mongolia's central loan database. The app was updated on 28 October 2026. Its website loaded only a menu and a loading screen when we checked, so we did not use a screenshot.
Lesson for founders: in regulated finance, the licence is part of the product. Pocket names its regulator and licence number up front, which builds trust faster than marketing claims.
5. Storepay: buy now, pay later, from Mongolia to Indonesia
Storepay lets shoppers split purchases into instalments at partner shops and online, by scanning a QR code or confirming a request sent to their phone number. Its homepage says purchases carry no interest or fees, covers amounts from 100,000 to 10,000,000 tugriks, and reports more than 670,000 active users, more than 8,900 partner merchants and more than 5.1 million purchases. The site links to a separate Storepay site for Indonesia and a global site, and shows badges from The Straits Times list of Singapore's fastest growing companies 2026 and the Financial Times and Statista list of high-growth companies in Asia-Pacific 2026.
Lesson for founders: a model proven in a small home market can travel. Storepay took buy now, pay later from Mongolia to a far larger market, Indonesia, instead of waiting to saturate home.
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6. Shoppy: Mongolia's online marketplace
Shoppy is an online marketplace with product categories, vouchers, gift cards, a premium section (Shoppylux), event tickets, travel and eSIM. Its App Store description, from SHOPPY LLC, says it sells about 700,000 products from more than 1,000 local and foreign brands and offers instalment plans and its own online credit. The app has been in the App Store since August 2019 and was updated on 28 October 2026; a second app, Shoppyhub, followed in September 2025.
Lesson for founders: marketplaces in small markets win by adding payment options. Instalments turn an expensive phone or appliance into a monthly amount people can say yes to.
7. Tapa (Tapatrip): travel and mobility in one app
Tapa, the brand of Tapatrip, books flights, hotels, travel packages, trains, buses, eSIM and insurance, and adds airport transfers, taxis, scooters, bikes and shuttles. The site works in six languages and six currencies, and gives its office on the 17th floor of MN Tower in Ulaanbaatar. Its App Store listing, from Tapatrip LLC, says users can choose from more than 900 airlines and more than 1 million hotels; the app was updated on 28 October 2026.
Lesson for founders: build for both directions of travel. Tapa serves Mongolians flying abroad and visitors arriving, in their own languages and currencies.
8. TomYo: edtech that became a media company
TomYo EdTech launched in 2019 and calls itself Mongolia's first technology-based educational company. It runs five products, including TomYo Skills, TomYo Lingo and TomYo Mentor, makes low-cost local learning content and localises foreign media, and in 2023 expanded into entertainment and cultural shows. Its site reports 400,000 users and more than 20,000 subscribers for its home channel on the Univision TV platform. Its Skills app was updated in March 2026.
Lesson for founders: content is a channel. TomYo used learning videos to build an audience, then sold that audience new formats on TV.
9. Lambda: jobs with AI career tools
Lambda is a job site for Mongolia with listings from local companies, salary ranges, an AI job recommender and a CV builder for job seekers, and a separate area for employers. Its footer gives an address in Mandala Residential Tower, Ikh Khuree Street, Ulaanbaatar. Its app, published by Lambda AI LLC, was released in January 2026 and updated in October 2026. The 2026 article described Lambda.Global as an air-quality IoT company; the website at that address is this job platform.
Lesson for founders: show the salary. Lambda's listings show pay ranges up front, which saves both sides time in a small labour market.
10. Airee: a Mongolian air purifier
Airee makes the Airee 3.0 air purifier, which it describes as Mongolian-made with a biodegradable filter, low noise, a filter-change reminder, a pollution indicator and a timer. It sells by phone, through Facebook and through online shops, and delivers within Ulaanbaatar for a small fee. The 2026 article called Airee an e-commerce logistics company; its website shows a hardware brand instead.
Lesson for founders: local problems make local products. A home-grown purifier with a cheaper, biodegradable filter and local delivery can compete with imported brands.
Support for Founders in Ulaanbaatar
Mongolian Startup Association
The Mongolian Startup Association is a founder community that runs monthly meetups, founder dinners, workshops and webinars, introduces members to VCs and angel investors, and works with the government and parliament on startup-friendly rules, with a focus on youth and women founders. It reports more than 250 member startups and more than 40 partner organisations, and its site lists the Mongolia Startup Forum of 15 April 2025 with more than 500 participants. Membership is open to startups, investors and students.
National IT Park
The National Information Technology Park (IT Park Mongolia) describes itself as the national centre for innovation, incubation, training and technology development. Its homepage invites startups to register for its incubator and runs a training centre. Check the site for the current intake before you apply.
Ulaanbaatar Companies From the Old List That Changed or Could Not Be Verified
The 2026 version of this article listed ten companies, mostly linked to third-party startup databases. Here is what we found in October 2026:
- AND Global: its website now redirects to a page offering the domain for sale. Its Mongolian lender, LendMN, still operates and is listed above.
- Lambda.Global and Airee: both exist, but not as described. Lambda is a job platform, not an air-quality company, and Airee makes air purifiers, not delivery software. We corrected both.
- Neolingo: the language-learning app from Brighton LLC is still in the App Store, but its last update was in April 2025 and its website shows only its name, so we moved it off the list.
- Tsever LLC and "Lager Global": we found no website, app or registration for a company under either name, so both are removed.
- Unsourced figures: claims such as Airee cutting delivery times by 40% and Tapatrip growing users by nearly 300% had no source we could find, so they are gone.
Which Ulaanbaatar Startup Should You Learn From?
- You build fintech: study Storepay, LendMN and Pocket, and how each one uses a licence, an app and debt funding.
- You build a consumer app: study Toki and Tapa, which bundle many services into one download.
- You build AI for a local language: study Chimege and how it sells one engine as apps, agents and an API.
- You build e-commerce: study Shoppy and its instalment plans.
- You build edtech or media: study TomYo, the clearest example of the city's largest startup sector.
- You build hardware or an HR product: study Airee and Lambda, which solve one local problem each.
How Founders Use Ulaanbaatar's Startup Scene (and Where to Look Beyond It)
Storepay's move to Indonesia shows the usual path for a Mongolian startup: prove the model at home, then expand to a bigger Asian market. If you are weighing where to base a company, compare our guides to the best cities for early-stage startups and the best countries for early-stage startups, and see how other cities compare in Berlin startups to watch, Beirut startups to watch and Conakry startups to watch. For money and mentors in the region, see early-stage VCs in Asia and startup incubators in Asia.
Women founders can add non-dilutive money from our lists of grants for women entrepreneurs in Asia and grants for female entrepreneurs, and meet investors at startup events for female entrepreneurs. Building an app like Toki or Storepay? Read our list of mobile startups to watch. Before you copy any of these models, validate your startup idea with real customers. When you want to be found, publish your startup press release and write about your product with the F/MS AI SEO Tool or the AI SEO Blog so customers and AI assistants can find you.
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FAQ About Ulaanbaatar Startups to Watch in 2027
Which Ulaanbaatar startups should I watch in 2027?
Our verified list: Chimege (voice AI), Toki (super app), LendMN and Pocket (app loans), Storepay (buy now, pay later), Shoppy (marketplace), Tapa (travel), TomYo (edtech), Lambda (jobs) and Airee (air purifiers). Each was checked on its own website and app listing in October 2026.
How big is Ulaanbaatar's startup ecosystem?
StartupBlink's 2026 index ranks Ulaanbaatar 427th in the world and 37th in East Asia, with 74 startups, 96% of those it lists for Mongolia, plus 4 accelerators and 8 coworking spaces.
Which sector is strongest in Ulaanbaatar?
Edtech has the most startups in StartupBlink's data (9), but fintech has the largest user numbers: Storepay reports more than 670,000 active users and Toki 1.5 million.
Is there a Mongolian AI startup?
Yes. Chimege Systems builds speech recognition, voice agents and transcription tools for the Mongolian language, with an API for developers and clients such as Mobicom and Golomt.
Has any Ulaanbaatar startup raised money recently?
According to CFOtech Asia, LendMN secured USD 20 million in debt financing from Lendable in April 2025. We found no other round we could confirm on a primary or named source.
What happened to AND Global?
Its website now redirects to a domain-for-sale page. Its Mongolian lending business, LendMN, still operates under its own name.
Where can founders get support in Ulaanbaatar?
The Mongolian Startup Association runs meetups, investor introductions and policy work, and the National IT Park runs an incubator and training centre.
What can founders learn from Ulaanbaatar startups?
Bundle services into one app, put credit where people already shop, build for the local language, and expand to a bigger Asian market once the model works at home.
Where can I get a backlink by writing about my startup?
You can publish a guest post in one of the Fe/male Switch startup blogs, which rank in Google and in AI tools. Get a quality backlink.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
