- Morocco- and Uganda-based VC firm First Circle Capital has secured $6 million in funding from IFC, part of the World Bank Group, to back high-growth early-stage fintech startups across Africa.
- The fund targets pre-seed and seed-stage companies solving critical challenges in financial inclusion, infrastructure, and digital finance, providing both capital and operational support to prepare startups for Series A readiness.
- With a target fund size of $30 million, First Circle has already invested in 15 startups across eight African markets, with 30% of its portfolio led or co-founded by women and half operating across multiple countries.
- In addition to IFC’s $6 million investment, the fund secured $2 million from We-Fi, $3 million from DGGF, and additional backing from FSD Africa, MSMEDA, Axian Group, and global tech entrepreneurs including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi.
Press release:
First Circle Capital, a specialist early-stage venture fund focused on African fintech innovation, has secured US$6 million from the International Finance Corporation (IFC), a member of the World Bank Group, to expand its investments in high-potential financial technology startups across the continent.
With offices in Casablanca and Kampala, First Circle Capital focuses on pre-seed and seed-stage companies solving foundational challenges in financial services. Its fund, targeting US$30 million, is building a concentrated portfolio of 24 startups, providing not only capital but also hands-on operational and business development support to help founders reach Series A readiness.
To date, the firm has invested in 15 startups across eight African markets, with 30% of portfolio companies led or co-founded by women and half operating across multiple countries. The fund applies a deeply thematic investment approach, backing ventures that build the infrastructure and applications shaping the next generation of African financial services.
In addition to IFC’s commitment, First Circle Capital has secured US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi), and received approval for an additional US$3 million from the Dutch Good Growth Fund (DGGF). The fund also counts FSD Africa, MSMEDA, Axian Group, and several notable family offices and tech entrepreneurs—including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi — among its backers.
This latest investment underscores growing institutional confidence in Africa’s fintech opportunity and highlights First Circle Capital’s role in catalysing early-stage innovation, financial inclusion, and cross-border scaling across the continent.