First Circle Capital, backed by the IFC, has launched a $30 million early-stage venture fund aimed at supporting high-growth FinTech startups across Africa. This fund is designed to address one of the continent’s most significant challenges—limited access to capital in the early stages of development. By targeting pre-seed and seed-stage companies, First Circle seeks to close the persistent financing gap that has been hindering innovation in the financial services sector, despite the rapid expansion of the market.
Africa remains one of the most profitable banking regions globally, yet traditional financial institutions have been slow to adapt to the needs of a younger, digitally-savvy consumer base. This gap has opened the door for technology-driven challengers to reshape financial infrastructure. A 2023 report by BCG and QED Investors predicts that Africa’s FinTech revenues will grow 13 times by 2030, the fastest rate globally. This rapid growth underscores the crucial need for early-stage capital to help develop scalable financial technologies.
First Circle Capital is adopting a focused, thesis-driven investment strategy, concentrating on FinTech models that have the potential for cross-border expansion. The fund provides hands-on commercial and operational support to its portfolio companies, helping them gain traction and prepare for follow-on institutional funding. So far, First Circle has made 15 investments across eight African markets, with 30% of its portfolio companies led or co-founded by women, and half of them operating in multiple countries. The fund plans to expand its portfolio to 24 companies, focusing follow-on capital on its highest-conviction investments.
The fund is led by a senior team with extensive sector experience, including Selma Ribica, a former M-Pesa executive and investor whose angel portfolio includes Qonto and Expensya, and Agnes Aistleitner Kisuule, an emerging markets entrepreneur based in Uganda. The team also has operating and investment backgrounds in Africa, Europe, and Southeast Asia.
Institutional backing has further strengthened the fund’s position. In 2025, the International Finance Corporation (IFC) committed $6 million, including $2 million from the Women Entrepreneurs Finance Initiative (We-Fi). This investment signals strong confidence in the fund’s strategy and its potential to help build a more resilient Series A pipeline for African FinTech.
With offices in Kampala and Casablanca, First Circle Capital is positioning itself to shape the next generation of FinTech leaders by providing early capital alongside targeted value creation, addressing a crucial stage where founders often lack structured support.
