Fintech startup First Circle raises $1.2m for online SME financing platform in Southeast Asia

Philippines-based First Circle, an Irish-led fintech startup, has raised $1.2m in a seed investment round for Southeast-Asian business and aims to revolutionize SME sector with fast and easy loans through its online platform.

According to the reports by Business World, the company offers an online platform in which SMEs can apply for a cash-flow loan in as quick as five minutes. SME’s can obtain a decision within 24 hours and receive their loan the next day. The $1.2 million seed funding round was led by Dublin- and London-based Key Capital and supported by San Francisco-based 500 Startups and Singapore-based IMJ Investment Partners.

“Much like in Ireland small businesses are the life blood of the Filipino and South East Asian economies. Yet despite their potential in a rapidly expanding economy, we were surprised by the lack of support offered to local businesses, particularly when it comes to access to capital,” Patrick Lynch, CEO of First Circle said as reported by businessworld.ie. “We’re looking to change that and early indications suggest we’re onto something. We’re building a community of the most dynamic SMEs in South East Asia and providing them with the funding and support they need to reach their full potential.”

Founded in 2015, First Circle addresses the undersupply of short-term working capital and trade finance to SMEs in the Philippines and across South East Asia.