First Circle Capital
First Circle Capital is a female-founded, Africa-focused early-stage venture capital firm investing in pre-seed and seed-stage fintech companies across 8 African markets. The firm is raising a $30 million debut fund anchored by IFC, with 16+ portfolio companies spanning insurtech, lending, payments, and infrastructure.
- Company typePrivate
- Founded2015
- HeadquartersKampala, Uganda
- Headcount1–10
- GTM typeB2B
- OfferingServices
What First Circle Capital does
First Circle Capital is a female-founded, Africa-focused venture capital firm that invests in pre-seed and seed-stage fintech companies. The firm was co-founded by Selma Ribica and Agnes Aistleitner Kisuule and operates from offices in Kampala, Uganda and Casablanca, Morocco. First Circle Capital applies a thesis-led approach across six fintech sub-segments: Insurtech, Alternative Lending Models, Interoperability & Infrastructure, Climate FinTech, Fintech SaaS, and RegTech. The portfolio comprises 16+ companies across 8 African markets covering earned wage access (Power), travel payments (TurnStay), mobile money agent SaaS (Opareta), Card-as-a-Service (Scale), Open Banking infrastructure (E-Doc Online, Credrails), remittances (Balad), asset-backed lending (MNZL), fraud orchestration (Orca), agri-lending (Pumpkn), insurance technology (Oola, WiASSUR), micro-retail payments (WafR), trade finance (Credify), cross-border logistics (Terminal), and consumer credit (Klump, Credpal, Talk360, VeendHQ, Flow48, Lenco, Dayra, Kashier, myStash, Traction, Penee, Gamp, Octamile, Thunders). The portfolio also includes a biotech outlier (Yemaachi Bio) and a clinical research platform (Infiuss Health).\n\nThe firm's revenue model is traditional VC fund management: it raises limited-partner capital and earns management fees on committed capital plus carried interest from exits. First Circle Capital is currently raising a debut institutional fund with a $30 million target, having secured a $6 million anchor commitment from IFC (International Finance Corporation, World Bank Group) and additional commitments from DGGF (Dutch Good Growth Fund) and MSMEDA. The fund often serves as the first institutional investor in its portfolio companies and catalyzes co-investment from its network of venture partners, advisors, and institutional co-investors. Value-creation beyond capital includes hands-on operational support in scaling, business development, talent, board governance, and follow-on fundraising.\n\nUnderlying technology is limited to back-office fund administration rather than proprietary platforms; the firm itself is not a product company. The competitive differentiation rests on operator credibility of the principals (M-Pesa executive experience, Expensya exit via Medius in 2023 for 9-figures, Lazada-to-Alibaba $3.5B exit involvement of Head of Portfolio Ming S. Kwan) and a gender-lens mandate with formal 2x Challenge-aligned commitments (30% of portfolio companies have women founders/co-founders; pipeline is 26% female co-founder). Distribution occurs through venture partner referrals, direct outreach, and ecosystem networks, with dealflow stated at over 100 opportunities per quarter.
First Circle Capital firmographics
Firmographics- Name
- First Circle Capital
- Legal name
- First Circle Capital
- Website
- https://firstcircle.capital
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- First Circle Capital is a female-founded, Africa-focused early-stage venture capital firm investing in pre-seed and seed-stage fintech companies across 8 African markets. The firm is raising a $30 million debut fund anchored by IFC, with 16+ portfolio companies spanning insurtech, lending, payments, and infrastructure.
- Ownership category
- akta.pro rank
First Circle Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- All Other Financial Investment Activities (52399), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)
- akta.pro secondary industry
- Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)
Keywords
Where First Circle Capital is headquartered
LocationHeadquarters
- HQ city
- Kampala
- HQ country
- Uganda
- HQ region
- Africa
Offices2 records
Markets served
First Circle Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Fund Management: First Circle Capital generates revenue through traditional VC fund management mechanisms including management fees on committed capital and carried interest from successful portfolio company exits. The fund targets $30 million with $6 million already secured from IFC.
- Value-Creation Services: The fund employs a value-creation strategy focused on facilitating follow-on capital, strengthening data-driven management practices, and providing access to global fintech expertise for portfolio companies.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
First Circle Capital product offering
Product offeringCore offering
First Circle Capital is an early-stage venture capital firm that invests in pre-seed and seed-stage fintech companies across Africa. The firm manages a $30 million fund and provides capital, operational expertise, and network access to founders building transformational financial services companies across the continent.
Product overview
First Circle Capital is a specialist early-stage fintech venture fund that operates as a single investment vehicle rather than a multi-product platform. The fund invests in pre-seed and seed-stage fintech companies solving foundational challenges in financial services across Africa. The portfolio spans 15+ companies across eight African markets, covering key fintech sub-segments including: earned wage access and payroll-linked financial services (Power), travel sector payments (TurnStay), mobile money agent network management SaaS (Opareta), Card-as-a-Service infrastructure (Scale), Open Banking infrastructure (E-Doc Online, Credrails), remittance infrastructure (Balad), asset-backed lending (MNZL), fraud detection (Orca), SME agri-lending (Pumpkn), insurance technology (Oola, WiASSUR), micro retail payments (WafR), and trade finance (Credify). The fund provides capital, industry expertise, and network access to founders building transformational fintech companies.
Differentiator
Problem solved
Functional benefit
Products and services
- First Circle Capital Fund
Quantifiable outcome
- Portfolio of 16+ companies across 8 African markets with plans to reach 24 companies
- +2 more outcomes
Companies that use First Circle Capital
Customer profileNamed customers32 records
Segments3 records
Ideal customer profiles3 records
First Circle Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
First Circle Capital partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Telecom Operators and Super AgentscoreOpareta, a First Circle Capital portfolio company, has established partnerships with telcos and contracts with Super Agents across multiple African markets. The company is positioned as a complementary player to all stakeholders in the mobile money ecosystem.
- AXIANminorAXIAN completed a strategic acquisition of a stake in WiASSUR, a First Circle Capital portfolio company, strengthening its commitment to the African insurance sector.
- MastercardcoreScale, a First Circle Capital portfolio company, secured a strategic partnership agreement with Mastercard to provide a pipeline of potential fintech and corporate clients across the continent. This partnership serves as an efficient route-to-market enhancing business scaling and exit potential.
- VisaminorScale, a First Circle Capital portfolio company, has partnership agreements with relevant BIN sponsors and acts as a distributor for Visa in key launch markets.
- BIN Sponsors (various)coreScale has partnership agreements in place with relevant BIN sponsors in key launch markets across Africa for card issuance.
- PaymentologyminorBarbara Woollams (CMO of Scale) previously served as Senior BD Lead with Paymentology, a card management business.
- TutukaminorMiranda Perumal (CEO of Scale) spent six years at Tutuka, a leading African card management business.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
First Circle Capital competitors and assessment
Company assessmentDirect peers
- 4DX Ventures: Pan-African early-stage VC investing in pre-seed and seed startups across Africa, with strong fintech exposure. Closely comparable in stage, geography, and thesis-driven approach.
- LoftyInc Capital: Nigerian-anchored early-stage VC with pan-African fintech investments; co-invested with First Circle in WafR. Comparable in stage, fintech focus, and African geography.
- TLcom Capital: Pan-African early-to-growth VC with deep fintech focus; co-invested with First Circle in TurnStay. Directly comparable in thesis (fintech across Africa) and stage, with larger fund vintages.
- Novastar Ventures: East Africa-focused early-stage VC backing consumer-facing and fintech startups. Comparable in stage and African focus, with similar DFI-style LP base and thesis-led investing.
- P1 Ventures: Pan-African seed VC investing in early-stage African startups with fintech and digital infrastructure focus; co-invested with First Circle in MNZL. Direct peer in stage, geography, and sector.
- Local Globe: UK-based seed-stage VC with active African fintech investments; co-invested with First Circle in MNZL. Comparable in seed-stage fintech focus across emerging markets.
- 500 Global (500 Startups): Global seed-stage accelerator/VC with active African fintech portfolio; co-invested with First Circle in MNZL. Comparable in stage and fintech thesis with global rather than Africa-exclusive mandate.
- Partech Africa: Pan-African VC fund led from Partech's partnership; invests across fintech, SaaS, and digital infrastructure at seed-to-Series B. Comparable in geography and stage with broader sector mandate and larger AUM.
Emerging players
- Aruwa Capital: Nigeria-based early-growth VC focused on fintech and consumer businesses across West Africa. Comparable in geography and fintech thesis but operates at slightly later stages than First Circle.
Regional players
- Flat6Labs: North Africa-focused seed VC and startup accelerator; co-invested with First Circle in MNZL. Overlaps in early-stage fintech investing but primary geography is North Africa (Egypt, Tunisia, Morocco).
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
First Circle Capital social profiles
Digital presenceFirst Circle Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Circle Capital leadership team
Management profileNumber of profiles
Profiles6 records
First Circle Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Circle Capital M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Circle Capital
What does First Circle Capital do?
First Circle Capital is an early-stage venture capital firm that invests in pre-seed and seed-stage fintech companies across Africa. The firm manages a $30 million fund and provides capital, operational expertise, and network access to founders building transformational financial services companies across the continent.
Is First Circle Capital a public or private company?
First Circle Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was First Circle Capital founded?
First Circle Capital was founded in 2015. It employs 1 to 10 people.
Where is First Circle Capital based?
First Circle Capital is headquartered in Kampala, Uganda, in the Africa region.
How does First Circle Capital make money?
Two revenue lines are on record. Fund Management is the primary driver. The others are value-Creation Services.
Who are First Circle Capital's main competitors?
Direct peers on record are 4DX Ventures, LoftyInc Capital, TLcom Capital, Novastar Ventures, P1 Ventures, Local Globe, 500 Global (500 Startups) and Partech Africa. Aruwa Capital is listed as an emerging player. Flat6Labs is listed as a regional player.
Does First Circle Capital have an API?
No public API is recorded for First Circle Capital.
What industry is First Circle Capital in?
First Circle Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAA, Early-Stage Venture Capital (Pre-Seed/Seed), with a secondary code of FSANAAAE, Geography-Focused Venture Capital (Regional/Emerging Markets). Its NAICS code is 52399 and its SIC code is 6282.