First Circle Capital Secures Funding for Africa-Focused Fintech Fund
The African fintech landscape is witnessing a significant boost with the news that First Circle Capital, a venture capital firm led by women, has successfully raised $10.9 million for its inaugural fintech fund. This fund, which launched in 2022, is dedicated to supporting promising fintech startups across the African continent. This investment underscores the growing confidence in the African tech sector and the increasing role of women in shaping its future.
Investment Details and Focus Areas
The substantial funding round includes a notable $6 million commitment from the International Finance Corporation (IFC). This contribution is split, with $4 million coming from the IFC’s Startup Catalyst Platform and an additional $2 million from the Women’s Entrepreneurs Finance Initiative (We-Fi). With a target of $25 million and a hard cap of $30 million, First Circle Capital is aiming for significant impact. Founded by Selma Ribica, a former M-Pesa executive, and Agnes Aistleitner Kisuule, an experienced entrepreneur in frontier markets, the firm is strategically positioned with operations in Casablanca and Kampala. The fund itself is registered in Delaware. First Circle Capital’s investment strategy goes beyond the crowded payments sector, targeting pre-seed and seed-stage fintech startups. They are focused on sectors such as financial infrastructure, insurtech, alternative lending, regtech, and climate fintech. The fund has already deployed capital across 13 investments in seven different countries, including South African travel fintech TurnStay, and card-issuing startup Sca.
The success of First Circle Capital demonstrates the power of female leadership and the growing potential of African fintech innovation. The fund’s strategic focus on underserved areas within fintech promises to further accelerate the development of financial solutions tailored to the unique needs of the African market, ultimately fostering economic growth and inclusion.
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