The International Finance Corporation (IFC) invests $6 million in First Circle Capital to accelerate early-stage fintech innovation and gender-smart venture funding across Africa.
First Circle Capital, a pan-African venture capital firm specializing in early-stage fintech investments, has raised $6 million from the International Finance Corporation (IFC) to expand its portfolio and support digital finance startups across Africa. The investment reinforces IFC’s broader strategy to strengthen access to early-stage capital in emerging markets.
The funding includes $4 million through IFC’s Startup Catalyst program and an additional $2 million from the Women Entrepreneurs Finance Initiative (We-Fi), underscoring a growing emphasis on gender-lens investing. The partnership aims to enhance financing for women-led fintech startups and improve gender inclusion across the African startup ecosystem.
First Circle Capital, founded in 2022, is targeting a $25 million fund, capped at $30 million, to back high-potential fintech startups at the seed and pre-seed stages. Operating from hubs in Casablanca and Kampala, the fund’s investment thesis spans areas such as alternative lending, insurtech, regtech, embedded finance, and climate fintech — sectors seen as the next growth drivers beyond traditional payment platforms.
To date, the firm has made more than a dozen investments across multiple African markets. Around 30% of its portfolio companies are women-led, while half operate regionally across two or more countries. The fund not only provides capital but also offers strategic support in go-to-market planning, talent development, and investor readiness to help early-stage founders scale efficiently.
The IFC’s latest commitment follows a series of similar investments aimed at nurturing local venture ecosystems. Through initiatives like IFC Startup Catalyst, the organization has deployed capital into emerging market funds that target digital inclusion, fintech innovation, and sustainable development.
Africa’s fintech industry continues to expand rapidly, with annual revenues projected to grow more than tenfold by 2030. However, early-stage startups — particularly those led by women — remain underserved by traditional investors. The partnership between First Circle Capital and IFC aims to close this funding gap by channeling institutional investment into inclusive, tech-driven financial solutions.
With this $6 million investment, First Circle Capital plans to broaden its reach across sub-Saharan Africa, launch new gender-smart initiatives, and co-invest alongside private and development-focused partners. The move signals a strengthening pipeline of institutional capital entering the continent’s fintech space, reflecting rising investor confidence in Africa’s innovation economy.
