This strategic move aims to bolster the growth of early-stage financial technology companies in Africa.

First Circle Capital, co-founded by Selma Ribica and Agnes Aistleitner Kisuule, is a specialized venture capital firm focused on insurtech, financial infrastructure, and climate fintech.

The fund’s portfolio includes 13 investments across seven African markets, showcasing its commitment to supporting innovative fintech solutions.

Anne-Marie Chidzero, Chief Investment Officer at FSDAi Nyala Facility, expressed enthusiasm for backing the “remarkable female investors” leading First Circle Capital.

She highlighted the fund’s expertise in the fintech sector and its potential to catalyze further institutional investments.

With Africa’s fintech industry poised for exponential growth, First Circle Capital’s investment aligns with the continent’s increasing demand for accessible and affordable financial services.

The fund’s focus on underserved populations and SMEs is crucial for fostering economic development and social resilience.

Selma Ribica and Agnes Kisuule emphasized the importance of expanding financial services in Africa, noting that the majority of fintech funding has been concentrated in payments.

By investing in the next layer of financial products, First Circle Capital aims to empower individuals and SMEs across the continent.

The fund’s team, with offices in Kampala and Casablanca, brings a wealth of operational experience and a strong network to support portfolio companies.

First Circle Capital Africa Fund I is backed by FSDAi Nyala Facility, Axian Group, and several serial entrepreneurs and investors.