WASHINGTON,October 20, 2020 - First Circle is one of 50 Fintech startups globally selected by Fintech 50 for creating financial resilience and opportunity for 3 billion financially underserved people. First Circle was selected for their highly innovative approach which has created mass market credit access for Micro,Medium, and Small Enterprises (MSMEs) during the pandemic.
The 50winners who bested a pool of 403 eligible participants in 111 countries were selected based on their impact to businesses and individuals who were both unserved and underserved even before the COVID-19 pandemic hit economies globally. These fintechs proved to be game changers in the countries they operate in mainly based on how they have helped livelihoods become more resilient and recover from the effects of COVID-19, their use of technology to innovate systems, as well as their potential to scale and reach more of those underserved. In the Philippines for one, there are still 70%unbanked adults and many MSMEs who need access to financing to sustain and grow their businesses.
Selection was done by an independent panel of 35 experts from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the COVID-19 economic crisis.
Patrick Lynch, CEO of First Circle said,
We recognise the unbounded potential of small and medium businesses in the Philippines and take a very long term view.Certainly, many SMEs are under great threat during this most challenging pandemic period. I am incredibly proud of the First Circle team who have worked tirelessly from their own homes, often overcoming significant personal difficulties, to be there for our customers when they needed it most. We are honoured to be recognised as a global pioneer in our field by IF50 and commend our peers for their work around the world.
FirstCircle, among the other winners and high-potential startups, was able to demonstrate the power of financial technology to improve the accessibility, affordability, and convenience of financial services in advanced and emerging markets. As it endeavoured to provide continuous access to financing for MSMEs, the company also launched an array of flexible repayment schedules that provide borrowers options to choose their repayment schedule. First Circle provides the best product and the best price in the Philippines.
Launched in 2019, Inclusive Fintech 50 identifies and elevates high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance. Learn more at www.inclusivefintech50.com.
Winners can be viewed atwww.inclusivefintech50.com/2020-cohort.
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