tryb Group announces investment into First Circle, a Philippine-based fintech firm that provides supply chain and trade financing to SMEs.
- tryb invested alongside other prominent investors to enable First Circle to expand nationwide in the Philippines
- First Circle raised US$26M for the Series A funding round which included Venturra Capital, Insignia Ventures Partners, Silverhorn Investment Advisors and tryb Group.
Singapore, 4 October 2018 – First Circle, a pioneering lending platform dedicated to small and medium enterprises (SMEs), has secured an additional US$26 million in a Series A funding round. International firms Venturra Capital, Insignia Ventures Partners, Silverhorn Investment Advisors and tryb Group led the round, underscoring strong interest from a diverse set of investors.
First Circle’s platform automates processes and enables cost-effective service delivery while capturing and utilizing demographic, trade and behavioral data. This enables automated, smart and data-driven decision making.
They are looking to increase their capital base to over US$100 million next year to keep up with SME demand for financing in the region. First Circle’s vision is to be more than a lending company but to support sustainable capital provision enabling businesses to prosper, expand and improve the livelihoods of the SME owner and their employees.
“First Circle is a great fit for the early stage segment of our portfolio. We were attracted by their customer-first approach to addressing the SME funding gap,” said Scott Krivokopich, Principal at tryb. He continued, “First Circle’s technology is unique as it can be applied to understanding the activities of SMEs. These principles are built into the core architecture of their platform, allowing them to scale sustainable, productive credit to SMEs across the Philippines.”
CEO and co-founder of First Circle Patrick Lynch stated, “The funding will extend our market-leading position in the Philippines.” He continued, “The addressable market in the Philippines remains huge—and what we’ve found is, every time we help a small business earn their first-ever credit facility, their whole community benefits.”
On tryb’s investment, “tryb’s approach and focus on fintech aligns with our vision. We look forward to working with their team by leveraging their expertise and network,” stated Patrick Lynch.
About First Circle
First Circle is a Philippine-based fintech firm that provides supply chain and trade financing to SMEs.
For more information, visit https://www.firstcircle.ph/
About tryb Group
tryb is an investor focused on ASEAN financial technology (fintech). Based in Singapore, tryb is positioned to leverage Southeast Asia as the next frontier for fintech opportunities and backs entrepreneurs transforming financial services in the region.
For more information, visit https://trybgroup.com/
In the press
Herston Powers (herston at trybgroup.com)
Andrew Dowd (andrew.dowd at firstcircle.com)