First Circle Capital gets $6 million boost for African fintech
An African venture capital firm concentrating on payment technology received $6 million from the International Finance Corporation to broaden its startup backing across the region. First Circle Capital operates from Casablanca and Kampala while targeting companies at their earliest development phases that address basic financial service gaps.
The investment house seeks $30 million total for a collection of 24 enterprises and delivers both funding and direct management guidance to prepare founders for later financing rounds. Portfolio additions now stand at 15 ventures spanning eight nations, with women leading or helping establish 30 percent of these businesses and half serving customers in multiple territories. The firm’s selection process emphasizes ventures constructing platforms and tools that will define future financial operations on the continent.
Beyond the World Bank Group members’ contribution, First Circle Capital obtained $2 million from the Women Entrepreneurs Finance Initiative and gained clearance for another $3 million from the Dutch Good Growth Fund. Additional supporters comprise FSD Africa, MSMEDA, Axian Group and prominent family investment offices alongside technology founders such as Jens Hilgers, Tim Schumacher, Peter Steinberger and Steve Anavi.
