Ghanaian fintech Fido has raised $30 million in debt and equity to expand its digital lending services across Africa. This includes $20 million from a Series B round and $10 million in debt, increasing its total funding to $68 million. Since its founding in 2014, Fido has provided instant credit loans and aims to enhance financial access for unbanked populations.
Fido, a Ghanaian fintech, has successfully raised $30 million in debt and equity to expand its AI-driven lending services throughout Africa. This new funding includes a $20 million Series B round led by BlueOrchard Finance of Switzerland and the Dutch development bank FMO, along with $10 million in debt from Stanbic Bank Ghana and Growth Investment Partners. This capital raising mirrors the $30 million secured in Fido’s Series A round in 2022, led by Fortissimo Capital, totaling $68 million raised to date.
Established in 2014, Fido operates a mobile application offering instant credit loans to both consumers and businesses, actively serving customers in Ghana and Uganda. Their approach emphasizes inclusivity, utilizing the Fido Score—an AI-driven model designed to assess credit risk and detect fraud throughout the lending process. The company asserts that its services have facilitated over $500 million in credit to more than one million customers, alongside offerings such as savings accounts, mobile financing, and bill payments.
Following the recent funding milestone, Fido announced via LinkedIn that it plans to utilize these resources to enhance financial accessibility for the unbanked. The firm aims to broaden its reach into new markets while improving its product range, which includes small business loans, savings options, and personalized insurance, thereby empowering individuals and small enterprises across the continent.
Fido’s recent $30 million funding will significantly strengthen its ability to provide AI-powered lending solutions across Africa. With a commitment to inclusivity, they are set to reach more unbanked individuals and businesses. The fintech’s successful funding history, now totaling $68 million, highlights its growth potential and impact in the financial technology sector.
Original Source: www.fintechfutures.com
