In a round co-led by BlueOrchard and FMO, Fido, a leading fintech company on a mission to make financial services accessible to the unbanked, has just completed a $20 million Series-B equity financing.
Additionally, the Company has secured $10M in debt funding from Stanbic Bank Ghana and Growth Investment Partners Ghana.
Revolutionising how individuals and small businesses across Africa manage their finances, Fido's platform provides fast, easy access to credit, savings, billing, and personalised insurance.
Utilizing the groundbreaking "Fido Score", Fido harnesses mission-critical, real-time AI models - widely acknowledged as the most effective in Africa - for risk assessment and fraud detection.
Through the integration of both alternative and conventional financial data, Fido provides secure and reliable financial services that stand out within the marketplace.
The new funding will fuel Fido’s expansion across Africa and tap into the vast potential of over half a billion underserved individuals and businesses.
Having already served one million customers and achieved over 100% year-on-year growth, Fido has become the largest and most profitable fintech in Ghana.
Now, by entering these blue oceans, Fido aims to introduce its tailored financial products to those left behind by traditional banking systems.
CEO, Alon Eitan, said: “Receiving this investment from FMO and BlueOrchard is a testament to the strength of our business, the exceptional capability of our team, and the tremendous market opportunity that lies ahead.
With the support of FMO and BlueOrchard, who bring unparalleled knowledge of the market and
our industry, we are well-positioned to accelerate our growth trajectory, deepen our market penetration
across Africa, and solidify our position as an industry leader.”
Richard Hardy, Investment Director Africa at BlueOrchard, said, “Fido is at the forefront of driving financial inclusion through their platform that uses artificial intelligence and proprietary credit scoring.
"Their fully digital capabilities allow them to serve a part of the market that has historically been neglected and remains highly underpenetrated.
"The Fido team has extensive experience in technology and scaling start-ups and is strongly aligned with our mission. We are excited to partner with them as they grow their
business”
Pieternel Boogaard, Director of PE at FMO said: “FMO is delighted to partner with Fido, empowering
individuals and small businesses across Africa by providing accessible and flexible financial services.
"Through the use of alternative data and AI Fido can reach the unbanked and support financial inclusion,
taking responsible lending practices into account. With our investment, FMO will support Fido in scaling in existing markets and expanding into other African countries.”
Latest Stories
-
Election 2024: NPP advised to be mindful of the reasons being ascribed to their election lost
9 minutes -
GNFS urges Ghanaians to prevent fires during yuletide
10 minutes -
Report tobacco users who smoke publicly – FDA advises
38 minutes -
Abdallah Ali-Nakyea elevated to Associate Professor at UG School of Law
1 hour -
Kick2build commissions 5 libraries in Klo Agogo, donates school supplies
1 hour -
Slim and Fit Ghana donates to kids at Motherly Love Orphanage in Kwabenya
1 hour -
We’ll be reorganising ourselves for the battles of tomorrow – NPP
2 hours -
Ghanaian teacher Morkporkpor Fiador’s GWR Read-A-Thon attempt postponed
2 hours -
Revocation of licences of UT, Capital banks were strict requirements from IMF – Dr. Addison
2 hours -
MP Cynthia Morrison among 280 members expelled by Agona West NPP
2 hours -
NPP to set up committee to investigate 2024 election defeat – Stephen Ntim
2 hours -
New Juaben North NDC executives intercept 24k bags of fertiliser at Koforidua
3 hours -
Luigi Mangione pleads not guilty to murdering healthcare CEO
3 hours -
GhLA opens applications for 2nd Edition of Youth Advocacy Challenge
3 hours -
Remote Work in Africa; the Doballi solution
3 hours