First Circle raises $30m to back Africa’s next FinTech leaders

By Vriti Gothi

IFC-backed First Circle Capital has launched a $30 million early-stage venture fund to support high-growth FinTech startups across Africa, positioning itself to address one of the most capital-starved segments of the continent’s venture ecosystem. Targeting pre-seed and seed-stage companies, the fund aims to close a persistent financing gap that continues to limit the pace of innovation in financial services despite rapid market expansion.

Africa remains one of the world’s most profitable banking regions, yet established financial institutions have been slow to adapt to a young, digitally driven consumer base. This has created opportunities for technology-led challengers to reshape financial infrastructure. A 2023 report by BCG and QED Investors projects that Africa’s FinTech revenues will increase 13-fold by 2030, the fastest growth rate globally an outlook that underscores the importance of early-stage capital for building scalable financial technologies.

First Circle Capital is pursuing a tightly focused, thesis-led investment strategy, concentrating on venture-backed FinTech models with potential for cross-border expansion. The firm supports its portfolio with hands-on commercial and operational expertise designed to accelerate traction and prepare companies for institutional follow-on funding. To date, First Circle has made 15 investments across eight African markets, with 30% of portfolio companies led or co-founded by women and half operating in multiple countries. The fund plans to build a portfolio of 24 companies, concentrating follow-on capital around its highest-conviction bets.

The fund is led by a senior team with deep sector experience, including former M-Pesa executive and investor Selma Ribica, whose angel portfolio includes Qonto and Expensya and emerging markets entrepreneur Agnes Aistleitner Kisuule, based in Uganda, supported by a team with operating and investment backgrounds across Africa, Europe, and Southeast Asia.

Institutional support has strengthened the fund’s positioning. In 2025, the International Finance Corporation (IFC) committed $6 million, including $2 million from the Women Entrepreneurs Finance Initiative (We-Fi), signalling confidence in the fund’s strategy and its potential contribution to a more resilient Series A pipeline for African FinTech.

Based between Kampala and Casablanca, First Circle Capital intends to help shape the next generation of FinTech leaders by pairing early capital with targeted value creation at a stage where founders typically lack structured support.