- IFC invested US$6 million in First Circle Capital to support its mission of funding early-stage fintech startups across Africa.
- The fund focuses on pre-seed and seed-stage ventures, with 30% women-led companies and 50% operating in multiple African markets.
In addition to IFC, First Circle Capital secured funding from We-Fi, DGGF, FSD Africa, MSMEDA, and Axian Group to strengthen Africa’s fintech innovation ecosystem.
First Circle Capital, an Africa-based specialist early-stage venture fund focused on high-potential fintech startups, has received a US$6 million investment from the International Finance Corporation (IFC), a member of the World Bank Group.
With offices in Uganda and Morocco, First Circle Capital invests in pre-seed and seed-stage companies tackling core financial infrastructure challenges across the continent. The fund takes a deeply thematic and hands-on approach, leveraging its experience in building and scaling fintech ventures.
Strengthening Africa’s Fintech Ecosystem
The new IFC investment is part of First Circle Capital’s US$30 million fund, aimed at empowering African fintech startups not only with capital but also with operational support, strategic guidance, and early business development to prepare them for Series A growth.
To date, the fund has completed 15 investments across eight African markets, with:
30% of portfolio companies led or co-founded by women,
50% operating in multiple countries, and
a target of 24 total investments, with follow-on funding reserved for high-conviction opportunities.
Backing Diversity and Scalable Innovation
In addition to the US$6 million IFC commitment, First Circle Capital has secured:
US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi),
US$3 million approved from DGGF,
and further backing from FSD Africa, MSMEDA, Axian Group, and several prominent family offices and tech founders, including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi.
This collective support underscores growing global confidence in Africa’s fintech potential and the critical role early-stage capital plays in shaping the next generation of financial innovation across the continent.
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