FSDAi Nyala Facility BV, established by FSD Africa Investments, has announced a substantial investment of US$1 million into First Circle Capital Africa Fund I. This investment marks a crucial milestone in supporting the growth and development of early-stage fintech startups across the African continent.
First Circle Capital: A Venture Firm Focused on Fintech
First Circle Capital, co-founded by Selma Ribica and Agnes Aistleitner Kisuule, is a venture capital firm specializing in sectors like insurtech, financial infrastructure, and climate fintech. With a diverse portfolio of 13 investments spanning seven African markets, the firm is dedicated to driving forward innovative financial technology solutions that address critical challenges across Africa.
FSDAi’s Commitment to Female-Led Fintech Investments
Anne-Marie Chidzero, Chief Investment Officer at FSDAi Nyala Facility, expressed enthusiasm for partnering with the “remarkable female investors” behind First Circle Capital. She praised the fund’s fintech expertise and its ability to attract institutional investments, which is expected to accelerate the growth of Africa’s fintech ecosystem.
Addressing Africa’s Growing Demand for Financial Services
The investment comes at a time when Africa’s fintech sector is poised for significant expansion, driven by an increasing need for accessible and affordable financial services. First Circle Capital’s strategic focus on underserved communities and small and medium-sized enterprises (SMEs) is viewed as essential for driving economic progress and improving societal resilience across the continent.
Expanding Beyond Payments: A Broader Vision for African Fintech
Co-founders Selma Ribica and Agnes Kisuule emphasized the importance of diversifying Africa’s fintech landscape. They pointed out that most fintech investments have been concentrated in the payments sector, leaving room for growth in other areas. By investing in a wider range of financial products, First Circle Capital aims to empower both individuals and SMEs across Africa.
Leveraging Expertise and Networks for Success
With operational bases in Kampala and Casablanca, First Circle Capital taps into its deep operational expertise and extensive network to provide tailored support to its portfolio companies. The First Circle Capital Africa Fund I is backed by FSDAi Nyala Facility, the Axian Group, and a consortium of seasoned entrepreneurs and investors, ensuring a solid foundation for its future growth and success.