Africa-focused early-stage investment firm First Circle Capital has raised US$6 million from the International Finance Corporation (IFC), a member of the World Bank Group, as part of its mission to support promising fintech startups across the continent. The investment is a significant step towards the firm’s goal of fueling the next generation of innovative financial services companies in Africa.
Based in Uganda and Casablanca, First Circle Capital focuses on identifying and backing early-stage, high-potential fintech startups at the pre-seed and seed stages. The firm’s investment thesis revolves around supporting ventures that are building scalable solutions to address deep-rooted challenges in financial services—ranging from payments to lending, insurance, and digital banking.
The fresh US$6 million injection from IFC contributes to First Circle Capital’s current fundraising round, which aims to close at US$30 million. The capital will be used not just to fund startups, but also to offer critical business development support and operational expertise—positioning portfolio companies for successful follow-on rounds and eventual Series A milestones.
To date, First Circle has already built an impressive portfolio of 15 early-stage investments spanning eight African countries, including several fast-growing markets. Notably, 30% of those companies have female founders or co-founders, and half are already expanding into multiple countries—highlighting the fund’s commitment to diversity and regional scalability. The firm’s target is to invest in a total of 24 portfolio companies, with the majority of follow-on capital reserved for startups demonstrating exceptional traction and long-term potential.
In addition to IFC’s investment, First Circle Capital has attracted US$2 million from the Women Entrepreneurs Finance Initiative (We-Fi) and secured approval for an additional US$3 million from the Dutch Good Growth Fund (DGGF). Other notable backers include FSD Africa, MSMEDA, Axian Group, and a network of respected family offices and operators such as Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi.
With this strong foundation of international funding and operational mentorship, First Circle Capital is positioning itself to become a leading force in helping African fintech innovators grow into regional and global players.
