First Circle Capital Raises USD 6 M From IFC To Invest In African Fintech Startups

Africa-focused venture fund First Circle Capital has secured USD 6 M from IFC, part of the World Bank Group, to fuel its investments in early-stage fintech startups across the continent.

With offices in Uganda and Casablanca, the specialist fund backs pre-seed and seed-stage ventures tackling core financial infrastructure challenges. The IFC investment forms part of First Circle’s USD 30 M fundraise, which will provide startups with both capital and operational support to prepare for Series A scaling.

First Circle has already invested in 15 fintech startups across eight African markets, with 30% led or co-founded by women and half operating regionally. Other investors include We-Fi (USD 2 M), DGGF (USD 3 M pending approval), FSD Africa, MSMEDA, Axian Group, and several tech entrepreneurs such as Jens Hilgers and Steve Anavi.