Fido, a leading digital lender in Ghana, has successfully raised $30 million in its Series B funding round, underscoring its commitment to expanding financial access across West Africa. The funding round was led by Fortissimo Capital, with additional participation from existing investors Yard Ventures and a new strategic investor. This latest round brings Fido’s total funding to over $50 million, positioning the company to accelerate its growth and product offerings.
Founded in 2015, Fido provides accessible financial services to underbanked individuals and small businesses through its mobile platform. By leveraging advanced AI and machine learning algorithms, Fido assesses creditworthiness without requiring traditional credit histories, making it easier for customers to access loans quickly and efficiently. This approach has allowed Fido to serve thousands of customers who are often excluded from the traditional banking system.
With the fresh capital, Fido plans to scale its operations within Ghana and expand into new markets across West Africa. The company will also focus on enhancing its product suite, including introducing savings products and financial management tools aimed at fostering financial literacy among its users. Additionally, Fido aims to strengthen its technology platform to further improve user experience and service delivery.
The Series B funding marks a significant milestone for Fido as it continues to redefine financial inclusion in the region. By offering a digital-first approach to lending, Fido not only provides much-needed financial services but also empowers its users to make informed financial decisions that can improve their livelihoods.
Fido’s CEO, Alon Eitan, expressed his excitement about the funding, stating that the support from investors reflects confidence in Fido’s mission to bridge the financial gap in Africa. As Fido embarks on this next phase of growth, the company is set to make a substantial impact on the financial landscape in West Africa, bringing financial services to the fingertips of millions.
Stay tuned to FounderRaise for more updates on Fido’s journey and other groundbreaking developments in the fintech space.
