SME lending platform First Circle has reportedly raised $26m in its Series A round of funding.
Contributions to the round came from Venturra Capital, Insignia Ventures Partners, Silverhorn Investment Advisors, and tryb Group, according to various reports in the media.
Capital from the round will be used to boost the company’s position in the Philippines, it said.
Philippines-based First Circle offers small and medium sized businesses access to short term funding options. Companies can us First Circle to increase access to working capital requirements and finance their expenses.
The two loan options available at the moment are purchase order financing and invoice financing. Through invoice finance, a company can bridge cash flow gaps by paying for invoices of up to PHP 25,000 ($460) instantly and then paying the credit back over time.
Last year, First Circle raised $1.3m in a funding round from Accion Venture Lab and Deep Blue Ventures. Prior to that round, the company raised $1.2m in an investment from 500 Startups, IMJ and Key Capital.
Earlier in the year, Venturra reportedly participated in the investment round of Malaysia-based iPrice Group. The company provides an online price comparison platform which provides online shoppers with information on costs, delivery time, payment options and discount offers.
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