- IFC invests $7 million in Philippine fintech First Circle
- The investment aims to expand digital financial services for SMEs
- First Circle’s innovative approach has already helped thousands of businesses access credit
Banking on SME Growth
The International Finance Corporation (IFC) has injected $7 million into First Circle, a Philippine technology firm revolutionizing SME banking.
This strategic move aims to expand digital financial services for small and medium-sized enterprises in the country.
A Circle of Support
First Circle’s innovative approach has already funded over 3,000 unique customers since 2016, two-thirds of whom are first-time credit recipients. The company offers higher credit limits, flexible repayments, and competitive pricing, recently expanding into fee-free business banking and payment solutions.
Fintech Future
Despite the Philippine fintech industry’s explosive growth—from 115 companies in 2017 to nearly 30,000 by 2022—SME-focused services remain scarce.
IFC’s investment is set to catalyze First Circle’s development of new products, fostering better financial inclusion in a country where credit penetration lags at 2.2% of GDP.
