First Circle Capital – Nurturing Africa’s Next-Gen Fintech Innovators

In Africa’s rapidly evolving fintech landscape, First Circle Capital stands out, not just for its investment strategy but for how deeply it engages with founders and systems alike. 

Leadership driving the force

A female-led fund driving fintech innovation established by fintech veterans, Selma Ribica and Agnes Aistleitner Kisuule, First Circle Capital is an early-stage VC focused on fintech breakthroughs across Africa. Ribica brings firsthand experience from roles like M-Pesa executive and early investments in companies such as Qonto, Expensya, and Bamboo, delivering a reported 33× return on angel investments. Agnes, with a legal training background, has built ventures across emerging markets in Jordan, Ukraine, and Uganda. Today, with offices in Casablanca and Kampala, the duo leads a diverse team of operators and advisors strategically supporting founders across the continent.

 Investment thesis and Focus area

While many fintech funds gravitate towards payments, First Circle Capital deliberately focuses on the “next layer” of financial services, critical infrastructure like insurtech, financial infrastructure, climate fintech, fintech SaaS, regtech, and alternative lending models. This sector-agnostic but needs-driven approach aims to increase access, stability, and impact especially for SMEs and underbanked individuals.

 Fueling Growth with Institutional Backing and Industry Acclaim

In late 2024, First Circle Capital’s Africa Fund I secured a US$1 million injection from FSDAi Nyala Facility, affirming its position as a promising local capital provider with global potential. This institutional support is expected to catalyse additional limited partner involvement and expand First Circle’s ability to scale its impact.

The fund’s innovative work has also earned external recognition. At Oxford’s Africa Venture Finance Programme, First Circle was awarded “Most Promising Fund Manager”, joining the likes of SpeedInvest and Knife Capital in receiving accolades for empowering African startup ecosystems.

 A Portfolio of Purpose-Driven Startups

With about 13 investments across seven African markets, First Circle’s impact is tangible. Their portfolio includes startups building essential infrastructure across payments, logistics, insurtech, open banking, and digital finance. Notable names include: Credify (digitizing trade finance for SMEs), Pumpkn (agri-SME financing), Terminal (simplifying cross-border logistics and e-commerce), Estafsar and WiASSUR (insurtech platforms).

Why First Circle Capital Matters for African Fintech

Selma and Agnes are fintech builders and not just financiers, boldly focusing on infrastructure and foundational services that power broader adoption.

Conclusion

First Circle Capital exemplifies how purpose-driven capital, strategic vision, and founder-centric support can accelerate fintech innovation in Africa. By intentionally investing in critical infrastructure and underserved segments, and backing it with deep expertise, they’re crafting lasting impact ,one startup at a time.