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Reading: IFC’s $7M Boost for Philippine Fintech First Circle
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Fintech

IFC’s $7M Boost for Philippine Fintech First Circle

Rary Maharani
Last updated: October 6, 2024 10:49 pm
Rary Maharani
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1 Min Read
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  • 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

Contents
Banking on SME GrowthA Circle of SupportFintech Future

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.

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