Ghana’s Fido Secures $30 Million in Funding to Expand Across Africa

Fido, a Ghanaian fintech, raised $30 million in debt and equity to expand its AI-powered lending services across Africa. This funding, led by BlueOrchard Finance and FMO, adds to the $30 million raised in 2022, bringing total funding to $68 million. The company aims to enhance financial access and product offerings for unbanked individuals and small businesses.

Fido, a Ghanaian fintech company, has successfully raised $30 million in a mixture of debt and equity funding to enhance its digital lending services across Africa. This funding consists of a $20 million Series B round, primarily led by BlueOrchard Finance from Switzerland and the Dutch development bank FMO, along with an additional $10 million in debt from Stanbic Bank Ghana and Growth Investment Partners.

This recent funding adds to the $30 million raised during its Series A round in 2022, marking a cumulative total of $68 million secured by Fido since its establishment in 2014. The company provides instant credit loans to consumers and businesses through its mobile app, which is active in both Ghana and Uganda, serving as a fundament for its financial services.

Fido emphasizes inclusivity in lending through its AI-driven Fido Score, designed to assess credit risk and prevent fraud throughout the lending process. To date, Fido has disbursed over $500 million in credit to more than one million customers, offering services such as savings accounts, mobile financing, and payment capabilities.

The company announced its funding achievement via LinkedIn, stating its intention to utilize the funds to enhance accessibility to financial services for the unbanked while expanding into new markets. Fido aims to deliver innovative financial solutions, including small business loans and personalized insurance, thereby reaching a broader audience across Africa.

In conclusion, Fido’s recent fundraising of $30 million signifies its commitment to expanding AI-driven lending solutions across Africa. With a focus on inclusivity and accessible financial services, the fintech plans to leverage this investment to reach unbanked populations and enhance its offerings. The significance of such funding underscores Fido’s growing impact within the financial technology landscape in Africa.

Original Source: www.fintechfutures.com