The funding round was led by Dublin-and-London-based Key Capital. Singapore-based IMJ Investment Partners, and 500 Startups in San Francisco also joined in the round.
Founded in 2015 by Patrick Lynch, formerly of Morgan Stanley, First Circle is focused on providing short-term working capital among SMEs in the Philippines, a sector that comprises 99% of all businesses in the country. The startup’s other co-founders are Dutch entrepreneurs Tony Ennis and Jorrit Koop.
Operating in beta mode in the Philippines since April, First Circle formally launched its service in the Philippines barely three weeks ago.
First Circle’s business model is to use technology to improve the way in which local businesses get financed, which is faster and quicker and is easy to adjust like in making amendments, refinance, among others.
More than that, compared with developed economies, online lending in the Philippines is just starting to grow.
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