First Circle Capital
Overview
First Circle Capital is an Africa-focused venture capital firm established to invest in fintech startups, primarily at the seed stage. It was co-founded by Selma Ribica, a previous M-Pesa executive, and Agnes Aistleitner Kisuule, an entrepreneur with experience in frontier markets. The firm is headquartered in Casablanca, Morocco, with its fund registered in Delaware, USA. As of 2025, First Circle Capital has established a significant presence in the African fintech landscape by supporting early-stage startups.
Recent Developments
- August 22, 2025: First Circle Capital recently secured $10.9 million for its Pan-African fintech fund, which seeks to nurture early-stage fintech startups across the continent. This fund aims to reach a target of $25 million, with International Finance Corporation (IFC) and Women’s Entrepreneurs Finance Initiative (We-Fi) as major contributors.
- March 27, 2025: Five of First Circle's portfolio companies were highlighted as future champions of tech in Africa, suggesting the firm's increasing influence and the success of its investments.
- February 24, 2025: First Circle’s portfolio company, Flow48, raised $69 million in Series A funding, underlining the firm’s knack for picking promising startups.
- October 4, 2024: Scale, another portfolio company, secured $700,000 in pre-seed funding to innovate Africa’s payments infrastructure.
- September 23, 2024: First Circle Capital was honored at the Oxford Africa Venture Finance Program, marking its growing reputation in venture funding.
- June 8, 2023: First Circle was involved in a major acquisition deal as Sweden's Medius bought Expensya, a Tunisian-born company backed by First Circle, for a substantial sum.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2022 |
| Headquarters | Casablanca, Morocco |
| Founders | Selma Ribica, Agnes Aistleitner Kisuule |
| Key Investors | International Finance Corporation, We-Fi |
| Industry | Venture Capital, Fintech |
| Number of Employees | 10 |
Early History
First Circle Capital was founded with the vision to drive innovation within the African fintech ecosystem. Its early stages involved securing initial investments to fuel its debut fund focusing on nurturing fintech startups. The founders, leveraging their combined expertise in fintech and venture building, quickly established a robust network across Africa.
Company Profile and Achievements
First Circle Capital operates by establishing strategic investments in nascent fintech projects across Africa. Its business model involves providing seed funds to startups, thereby positioning itself as a pivotal player in the continent’s financial technology sector.
- Key Milestones
- 2022: Officially launched the debut fund targeting fintech innovations.
- 2024: Successfully hit significant investment milestones across multiple startups including Scale and Flow48.
- 2025: Recognized for major contributions to the African fintech ecosystem via strategic placements in high-growth startups.
Current Operations and Market Position
First Circle Capital remains deeply integrated in Africa's fintech landscape, leveraging its funds to support strategic startups that promise innovation in financial technology. Positioned as a specialized fund, First Circle capitalizes on its founders’ insights to guide investments into under-tapped verticals of the fintech sector such as insurtech, alternative lending, and financial infrastructure.
Conclusion
First Circle Capital stands out for its focus on funding fintech startups at the critical early stages in Africa. With a strong backing from institutional investors like the IFC and We-Fi, the firm is strategically positioned to influence the evolution of fintech across the continent. Its success in facilitating substantial funding rounds for its portfolio companies underscores its vital role in this sector. Looking ahead, First Circle Capital's continuous endeavors to foster innovation through strategic investments are likely to further cement its position as a leader in Africa's venture capital landscape.