The International Finance Corporation (IFC), a member of the World Bank Group, said Thursday that it has invested 7 million U.S. dollars in First Circle, a technology company providing smart banking solutions to SMEs in the Philippines.

The IFC said the move is intended to expand digital financial services for the Philippines' small and medium-sized enterprises (SMEs) as access to finance remains a crucial challenge for smaller businesses in the country.

The financial institution's investment promises to unlock First Circle's capacity to expand credit lines and deliver smarter banking solutions to underserved SMEs.

According to the 2023 Fintech Philippines Report, the number of fintech companies rose from 115 in 2017 to close to 30,000 as of December 2022 in the Southeast Asian country. 

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