Source:TechBuild.Africa
Ghanaian fintech Fido has raised $30 million in Series B debt funding, with an additional $20 million in equity led by Dutch entrepreneurial development bank FMO and BlueOrchard. The company is gearing up for expansion into East and Southern Africa.
Founded in 2015 by Tomer Edry, Nir Zepkowitz, and Nadav Topolski as a mobile loan platform, Fido has since broadened its product offerings to include bill payments and savings services, aiming to diversify its revenue streams.
Fido is leveraging mobile technology and various data sources to provide rapid micro-loans to individuals and small businesses who lack access to traditional banking credit. The fintech also offers loan products with embedded insurance and is planning to introduce additional coverage options like climate and tradesman insurance.
Fido’s CEO, Alon Eitan, highlighted the significant portion of sub-Saharan Africa’s population that is unbanked or underbanked. “For many of our customers, Fido is their first experience with financial services. We take them from having no financial footprint to building an entire financial foundation, giving them access to credit, insurance, savings, mobile phones, and business tools,” Eitan said.
He further explained that the fintech achieves competitive rates through the integration of mission-critical AI models across the loan lifecycle. Fido’s customer acquisition model evaluates new users based on mobile device data and alternative sources, utilizing AI and fraud detection tools.
Fido claims to have served one million customers, with 40% being SMEs, and has disbursed $500 million in loans in Ghana. “By early next year, we aim to surpass $1 billion in total disbursements. These new funds will help us grow further, reach more customers, and make a meaningful impact in their lives,” Eitan concluded.
