Ghana’s fintech Fido has raised $30 million in debt and equity to expand its AI-driven lending services throughout Africa. This funding includes a $20 million Series B round and $10 million in debt, bringing its total to $68 million. Fido aims to make financial services more accessible and plans to enhance its offerings, including small business loans and insurance.
Ghanaian fintech Fido has successfully raised $30 million in debt and equity, intending to broaden its digital lending services throughout Africa. This funding round includes a $20 million Series B, spearheaded by BlueOrchard Finance from Switzerland and the Dutch development bank FMO, alongside $10 million in debt financing from Stanbic Bank Ghana and Growth Investment Partners.
This latest investment mirrors the $30 million raised during Fido’s Series A funding round in 2022, which was led by Fortissimo Capital, bringing the total funds secured to approximately $68 million since the company’s inception. Established in 2014, Fido operates a mobile application that provides instant credit loans to individuals and enterprises, currently functioning in both Ghana and Uganda.
The company employs an AI-powered assessment model known as the Fido Score for evaluating credit risk and identifying potential fraud throughout the loan process. Fido’s inclusive digital lending platform claims to have allocated over $500 million in credit to more than one million clients and offers additional services such as savings accounts, mobile financing, and bill payments.
In a statement shared on LinkedIn, Fido confirmed its recent funding achievement, emphasizing its commitment to making financial services more accessible to the unbanked population. They plan to enhance their market penetration and product offerings with this capital, which includes expanding services like small business loans, savings, and tailored insurance options for more consumers across Africa.
Ghana’s Fido has made significant strides in enhancing financial accessibility through its innovative digital lending services. With the recent $30 million funding, the fintech aims to expand its operations and product offerings across Africa, building on its previous successes. The utilization of AI technology further strengthens its mission to provide inclusive financial solutions to underserved populations.
Original Source: www.fintechfutures.com
