TBC Bank is one of Georgia's two biggest commercial banks and is listed on the London Stock Exchange.

The $1 million round was completed by a group of eight venture capitalists and investment funds based in various countries, including the U.S., Uzbekistan, Kazakhstan, and Singapore.

Factoring is an important tool for small businesses where a lack of collateral can be a serious obstacle to growth. This service contributes to the development of local economies.

The banking sector reported a net profit of 212.696 million lari ($72.1 million) compared with 113.368 million lari in January 2021.

IMF said that risks to the outlook remained tilted to the downside due to uncertainty regarding the pandemic and regional spillovers.

The country's partners have already pledged over $5 billion in financial aid in a move to support Ukraine's economy and reform agenda.