First Circle Expands Early-Stage Africa Fintech Fund

First Circle Capital has strengthened its position as a specialist early-stage fintech investor in Africa, securing additional institutional support to advance its $30 million fund focused on pre-seed and seed-stage startups across the continent.

The fund targets one of the most underserved but strategically crucial segments in Africa’s venture ecosystem — early-stage fintech — where strong demand for digital financial services continues to outpace capital supply.

Focused Strategy Backing Scalable Fintech Innovation

First Circle Capital applies a thematic, fintech-only strategy, investing in companies that build core financial infrastructure and deliver inclusive financial services. The fund has already backed 15 startups across 8 African markets, 30% of which are women-led and half of which operate across multiple markets.

A concentrated portfolio of 24 companies is planned, with capital reserved for high-conviction follow-on bets.

Institutional Commitments Led by IFC

In 2025, First Circle Capital secured a $6 million investment from IFC, including $2 million from the Women Entrepreneurs Finance Initiative (We-Fi), validating the fund’s strategy and gender-inclusive mandate. The fund also received approval for $3 million from DGGF, alongside commitments from:

FSD Africa
MSMEDA
Axian Group
Global family offices and tech founders, including Jens Hilgers, Tim Schumacher, Peter Steinberger and Steve Anavi

These commitments deepen First Circle Capital’s institutional base and reinforce global confidence in Africa’s fintech growth trajectory.

First Circle Capital is a specialist early-stage venture fund investing in high-potential fintech startups across Africa. With offices in Uganda and Morocco, the firm backs founders solving core financial access challenges and building the infrastructure for Africa’s digital economy. The team includes senior fintech operators and investors with global track records, including co-founder and former M-Pesa executive Selma Ribica and entrepreneur-investor Agnes Aistleitner Kisuule.