First Circle Capital, a specialist early-stage venture fund with offices in Casablanca and Kampala, has secured $6 million in funding from the International Finance Corporation (IFC), part of the World Bank Group, to expand investments in high-potential African fintech startups.
The investment is part of First Circle’s $30 million fund, dedicated to pre-seed and seed-stage companies that tackle financial exclusion, digital finance, and financial infrastructure challenges. The fund aims to build a concentrated portfolio of 24 startups, offering both capital and operational support to help founders scale and prepare for Series A rounds.
So far, First Circle has backed 15 startups across eight African markets, with 30% of portfolio companies led or co-founded by women and half operating in multiple countries.
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Key Takeaways
First Circle Capital’s $6 million backing from IFC underscores growing institutional confidence in Africa’s fintech sector and early-stage innovation. Alongside IFC’s commitment, the fund has attracted $2 million from We-Fi (Women Entrepreneurs Finance Initiative), $3 million from the Dutch Good Growth Fund (DGGF), and support from FSD Africa, MSMEDA, Axian Group, and prominent tech entrepreneurs, including Jens Hilgers, Tim Schumacher, Peter Steinberger, and Steve Anavi. By focusing on startups building Africa’s financial infrastructure, First Circle is positioning itself as a key catalyst for inclusive digital growth across emerging markets. Its thematic investment strategy prioritizes scalable fintechs that enable access to credit, payments, and savings for underserved populations. The IFC investment also highlights the multilateral lender’s continued focus on digital transformation and private capital mobilization in Africa. With deep local presence and gender diversity across its portfolio, First Circle Capital exemplifies the next generation of mission-driven African venture funds.
