Ghanaian fintech company Fido has raised $30 million in Series B funding, including a $20 million equity injection led by Dutch development bank FMO and BlueOrchard. With this funding, Fido is setting its sights on expanding into East and Southern Africa.
Founded in 2015 by Tomer Edry, Nir Zepkowitz, and Nadav Topolski, Fido started as a mobile loan platform but has since expanded its offerings to include bill payments and savings products, aiming to diversify its revenue streams. The fintech primarily targets individuals and MSMEs (Micro, Small, and Medium Enterprises) that struggle to access credit through traditional banks.
Fido leverages mobile technology and alternative data sources to provide micro-loans swiftly. The fintech’s loan products come with embedded insurance, and plans are underway to add new insurance packages such as climate and tradesman insurance to cater to its growing clients.
According to Alon Eitan, CEO of Fido, “A majority of the population in sub-Saharan Africa are either unbanked or underbanked, and for a lot of customers entering our ecosystem, we are their first-ever interaction with financial services.” He added, “We take them from having no financial footprint to building a comprehensive financial backbone where they can access credit, insurance, savings, buy mobile phones, and conduct business.”
Eitan explained that Fido’s ability to offer competitive industry rates is made possible through its advanced AI models, which manage the entire loan lifecycle. The company’s customer acquisition system scores new clients using mobile phone data and other alternative sources, ensuring efficient fraud detection and management.
Current Impact and Future Goals:
Since its inception, Fido has served over a million customers, 40% of whom are SMEs, and has disbursed $500 million in loans across Ghana. Eitan shared the company’s ambitious goal: “Our hope is that by early next year, we will have crossed a billion in total disbursements. The new funds will help us grow further, reach more customers, and have a genuine impact on their lives.”
With this recent funding, Fido is poised to scale up its operations and deepen its impact on financial inclusion across Africa.
