In a statement on Thursday, the IFC said joining the funding round were Endeavor Catalyst and Fasanara Capital.
Since 2016, First Circle has financed more than 3,000 small and medium-sized enterprises, many of whom are accessing credit for the first time. It offers higher credit limits, flexible repayments, and fee-free business banking solutions to help businesses thrive.
Management’s view
“We are thrilled to welcome IFC, the pre-eminent investor in emerging market financial services, as new shareholders at this terrific inflection point in our company’s expansion,” said Patrick Lynch, CEO of First Circle.
“We are proud to be a part of this funding round for First Circle and help the company expand its operations to support more Filipino businesses, especially those accessing credit for the first time,” said Jean-Marc Arbogast, country manager for the Philippines at IFC.
“Through this strategic investment, we aim to catalyze First Circle’s development of new products which will help foster better financial inclusion in the country,” Arbogast said.
PH govt partner
Led by a team with backgrounds in Morgan Stanley and Bridgewater Associates, First Circle is one of the Philippines’ fastest-growing fintech companies. It operates in Manila, London, and Hong Kong.
The company is also a key partner of the Philippine government, serving as the official finance partner of the Department of Trade and Industry and a data provider for the Credit Information Corp. It was the first fintech licensed by the Securities and Exchange Commission in the Philippines.
