This episode is powered by the African Venture Capital Association (AVCA).
Today in the valley with Ibrahim Sagna are two accomplished women from Europe with a focused track record in the fintech and global financial services industry. As pure "outliers" for capital allocators, selma Ribica and Agnes Kisuule run the only fintech focused venture capital platform exclusively targeting Africa : First Circle Capital. Their fund was recently selected among only 20 funds globally to join a prestigious group of emerging fund managers, Bridge Funding Global. For First Circle, the biggest investment potential out there resides in the African continent and it requires a highly differentiated approach.
Disclaimer : Silverbacks Valley's host and the guests of this program may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions
5 BIG IDEAS DISCUSSED IN THE VALLEY WITH SELMA & AGNES
"From Europe to Africa"
Agnes and Selma dive in first on their origin stories. Find out how these two women respectively from Bosnia and from Austria first began working in Africa's tech and innovation space. They discuss their journey from entrepreneurship to investment as well as working for landmark companies such as M-PESA.
"The importance of serving the low-purchasing power masses"
Agnes and Selma explain the rationale behind the sectorial focus of their fund First Circle Capital. At M-PESA, Selma was able to test out the potential of building financial services for the masses. To Agnes, fintech is where the biggest market opportunity exists based on Africa's demographics, the needs of such the population and the potentiality of the type of services that can be developed to address such needs.
"Channeling the knowledge and experience will make our portfolio companies win"
Agnes and Selma describe their investment approach beyond cash and explain why they are so intentional about providing their portfolio companies access to the network of experts. The First Circle Capital's approach is virtuous : they bring to the table investors with significant experience in the fintech space that can advise the founders throughout their growth journey.
"We are bullish about B2B fintech models"
Agnes and Selma dive into their portfolio construction. They recognise payments as strategic assets but remain aware of how difficult it is to drive these businesses to profitability. They prefer that credit-led models are preferable for the African market. As far as the future is concerned, they are interested in identifying models that reinvent financial services models for the African context. They are particularly interested in the development of solutions for B2B needs as well as insurtech.
"You have to be ABC… always be convincing"
As parting thoughts, Agnes and Selma reflect on their journeys as women in the fintech space. They share their perspective on what is required to make it as a woman in tech in Africa, the set of skills -and superpowers- that are needed to succeed.
