A Philippines-based alternative SME lender has landed new venture capital.
Reports Wednesday (April 12) said First Circle raised $1.3 million from Accion Venture Lab and Deep Blue Ventures, a round that adds to the $1.2 million First Circle raised last year. According to reports, the startup will look to fill in financing gaps for the nation’s small businesses that make up 99 percent of all registered companies — yet account for just 40 percent of economic output.