Fido focuses on linking entrepreneurs with financial ok opportunities in Africa, which is a major hindrance to the growth of several businesses.
Fido, a finance business based in Ghana, has raised $30 million in equity funding and undisclosed loan funding in a Series A round, increasing its total equity funding to $38 million.
Other investors, including Yard Ventures, a venture capital firm run by Harvard alumni, participated in the round, which was led by Israel-based private equity firm Fortissimo Capital.
A major barrier to the expansion of many enterprises, Fido focuses on connecting entrepreneurs with financing opportunities in Africa.
The business automates the whole financial services process for clients, including client onboarding, credit analysis, and financial counseling. It makes instant credit decisions even for customers with no financial history while assisting in the reduction of operational costs. It does this by leveraging machine learning-risk models.
Individuals and small businesses can apply for up to $250 in mobile loans from Fido. These loans can be repaid over the course of up to six months in a single or multiple installments.
Fido, which was co-founded by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, intends to open operations in Uganda, its second market, as part of its expansion strategy into other parts of Africa, later this year.
The fintech claims to have given over $1.5 million in loans to 350,000 consumers in Ghana, and this number is expected to rise as it expands into other African markets.
The fintech company also intends to expand its Israel branch by opening a second research and development facility in Accra, Ghana. By automating most of its activities, this facility will help the company maintain sustainability over the long run.