FSDAi Nyala Facility BV, an entity created by FSD Africa Investments, has declared a significant investment of US$1 million into First Circle Capital Africa Fund I, marking a pivotal step in fostering the expansion of early-stage fintech enterprises across the African continent.
First Circle Capital, co-founded by Selma Ribica and Agnes Aistleitner Kisuule, operates as a specialized venture capital firm with a keen focus on sectors such as insurtech, financial infrastructure, and climate fintech. The firm’s investment portfolio, which spans 13 investments across seven African markets, underscores its dedication to propelling innovative fintech solutions forward.
Anne-Marie Chidzero, the Chief Investment Officer at FSDAi Nyala Facility, conveyed her excitement about supporting the “remarkable female investors” at the helm of First Circle Capital. She praised the fund’s proficiency in the fintech domain and its capacity to attract additional institutional investments.
The investment by First Circle Capital comes at a time when Africa’s fintech sector is on the cusp of a significant growth trajectory, with a burgeoning need for financial services that are both accessible and affordable to the continent’s population. The fund’s strategic emphasis on reaching underserved communities and small and medium-sized enterprises (SMEs) is seen as a vital component in driving economic progress and enhancing societal resilience.
Co-founders Selma Ribica and Agnes Kisuule stressed the critical role of broadening the scope of financial services in Africa, pointing out that to date, the lion’s share of fintech investments has been concentrated in the payments segment. By channeling investments into a broader array of financial products, First Circle Capital aspires to bolster the capabilities of individuals and SMEs throughout the continent.
With operational bases in Kampala and Casablanca, the team at First Circle Capital leverages its extensive operational expertise and robust network to provide comprehensive support to its portfolio companies. The First Circle Capital Africa Fund I enjoys the backing of FSDAi Nyala Facility, the Axian Group, and a consortium of seasoned entrepreneurs and investors, all of whom contribute to the fund’s robust foundation and future prospects.
