First Circle Capital, an early-stage venture fund focused on African fintech, has secured US$6 million from the International Finance Corporation (IFC), a member of the World Bank Group, to expand its investments in financial technology startups across the continent.
Based in Casablanca and Kampala, First Circle Capital invests in pre-seed and seed-stage companies addressing key challenges in financial services.
The firm is targeting a US$30 million fund to build a focused portfolio of 24 startups, offering both capital and operational support to help founders prepare for Series A funding.
So far, the fund has backed 15 startups across eight African markets, with 30% of its portfolio led or co-founded by women and half operating in multiple countries.
Its investment strategy is thematic, concentrating on ventures that develop the infrastructure and applications shaping the future of financial services in Africa.
In addition to IFC’s commitment, First Circle Capital has received US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi) and approval for an additional US$3 million from the Dutch Good Growth Fund (DGGF).
Other backers include FSD Africa, MSMEDA, Axian Group, and family offices and entrepreneurs such as Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi.
The investment reflects growing institutional interest in Africa’s fintech sector and First Circle Capital’s role in supporting early-stage innovation and financial inclusion across the region.
Featured image credit: Edited by Fintech News Middle East Middle East, based on image by WangXiNa via Freepik
