First Circle Capital is positioning itself as a focused backer of early-stage fintech across Africa. The Casablanca-based firm invests at pre-seed and seed, aiming to catalyze additional institutional capital for founders building financial infrastructure. Recent disclosures highlight growing momentum around the firm’s first fund and its governance upgrades.
Fund Profile
Founded in 2021, First Circle Capital operates as a female-led venture platform with operations centered in Morocco and reach across the continent. Its Africa Fund I is the flagship vehicle, targeting transformational fintech opportunities with the potential for outsized impact.
Investment Strategy and Ticket Size
The fund concentrates on Africa as its core geography, prioritizing companies at the pre-seed and seed stages. Preferred sectors include fintech categories such as financial infrastructure, payments, lending, and embedded finance. Typical initial checks range from $250,000 to $700,000, with capacity for follow-on support.
Founder Partnership Model
First Circle Capital presents itself as a partner to founders rather than a passive investor. The firm emphasizes its ability to mobilize additional “smart capital” from an international network once it anchors a round. It also offers founders practical guidance and access to mentors, coaches, board advisors, and later-stage investors.
Leadership and Governance
The firm is led by Co-Founders and Managing Partners Selma Ribica and Agnes Aistleitner Kisuule. Ribica brings operator and investor experience in African fintech, including roles linked to mobile money and company building. Aistleitner Kisuule adds legal training and a track record as an entrepreneur and ecosystem connector across emerging markets. The leadership team also includes Head of Portfolio, Ming S. Kwan.
Portfolio Highlights
First Circle Capital’s portfolio reflects its thesis on infrastructure and enterprise enablement within fintech. Companies such as Thunders, Flow48, Credrails, and Terminal Africa exemplify the focus on rails, underwriting innovation, and commerce enablement. The portfolio count sits in the thirty to forty range, consistent with an active seed platform.
Performance and Early Liquidity
The firm records one exit to date, identifying Traction Apps as a notable example. While early in its lifecycle, the fund’s activity level suggests a pipeline that could mature into further liquidity events. This is especially relevant given the firm’s emphasis on foundational technologies that can attract later-stage capital.
Recent Institutional Backing
The International Finance Corporation approved an investment of up to $6 million in Africa Fund I. This commitment signals external validation of the fund’s team, governance, and pipeline quality at a formative stage. It also strengthens the fund’s ability to lead or co-lead early financings while preparing companies for follow-on rounds.
Strengthening the Investment Committee
To deepen oversight and broaden expertise, First Circle Capital appointed Samantha Ghiotti and Andi Dervishi as independent members of its Investment Committee. Their addition underscores a deliberate approach to decision quality, risk management, and fiduciary standards. It also aligns with the fund’s intent to operate with institutional discipline from the outset.
Mission and Impact
The firm frames its mission around financial inclusion, job creation, and the advancement of women in technology and investing. By backing scalable and sustainable business models, it aims to address structural barriers such as access to finance and fragmented financial rails. Its stance aligns with global impact initiatives while remaining grounded in commercial outcomes.
Outlook
With capital formation advancing and governance enhancements in place, the fund appears positioned to accelerate deployment across Africa’s fintech ecosystem. The combination of operator DNA, network effects, and disciplined IC processes sets a clear foundation for scaling. Portfolio momentum in infrastructure, data, and credit indicates pathways for future follow-on and potential exits.
First Circle Capital is emerging as a specialized seed partner for African fintech founders, supported by institutional validation and a growing portfolio. Its approach blends early capital, operating know-how, and curated networks to improve the odds of venture-scale outcomes. As Africa’s fintech rails expand, the firm’s thesis gives it meaningful leverage across the next wave of category builders.