Ghana’s Fido raises $30 million in debt and equity to extend AI-powered lending services across Africa
Ghanaian fintech Fido has secured $30 million in debt and equity with plans to extend its digital lending services across Africa.
Fido raises $30m debt and equity round
The raise comprises a $20 million Series B round led by Switzerland’s BlueOrchard Finance and Dutch development bank FMO, and $10 million in debt funding from Stanbic Bank Ghana and Growth Investment Partners.
This matches the $30 million previously secured by the fintech during its 2022 Series A funding round, which was led by Fortissimo Capital, and brings its total amount raised to date to $68 million.
Founded in 2014, Fido operates a mobile app that provides instant credit loans to consumers and businesses, and is currently active in both Ghana and Uganda.
Its inclusivity-focused lending is guided by the Fido Score, an AI-powered model used to assess credit risk and detect fraud throughout the loan lifecycle.
This primary remit, which the fintech claims has distributed over $500 million in credit to more than one million customers, is joined by savings accounts, mobile phone financing and bill payment capabilities.
Confirming its latest funding success via LinkedIn, Fido says it will leverage the raise to “further our mission of making financial services accessible to the unbanked by expanding our reach into new markets and enhancing our product offerings”.
“With this investment, we’re ready to bring our innovative financial solutions, including small business loans, savings, and personalized insurance, to even more individuals and small businesses across Africa,” its statement continues.
