The round - which will allow the company to further develop its products and expand its customer base - was led by Venturra Capital, with backing from Insignia Ventures Partners, Silverhorn Investment Advisors, and Tryb Group.
Focused primarily on the Philippines, First Circle is looking to address what it says is the undersupply of short-term working capital and trade finance to SMEs in the Philippines and Southeast Asia. The fintech startup uses technology to lend to small and medium-sized enterprises, using proprietary software and credit-scoring to increase access to financial services, and speed up the process.
The latest funding round brings to USD 28.5 million the total funding by the company to date. First Circle is targeting a capital base of USD 100 million in 2019.
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