Fido Secures $30 Million Series B Funding to Boost Financial Inclusion and Expand Across Africa
Fido, a leading Ghanaian fintech, has raised $30 million in a Series B funding round, combining $20 million in equity and $10 million in debt. The equity portion of the funding was led by Dutch entrepreneurial development bank FMO and global impact investment manager BlueOrchard.
This capital will support Fido’s expansion into East and Southern Africa, accelerating its mission to provide fast, accessible financial services to underserved individuals and small businesses.
Founded in 2015 by Tomer Edry, Nir Zepkowitz, and Nadav Topolski, Fido initially launched as a mobile-based lending platform aimed at delivering micro-loans to individuals and small to medium-sized enterprises (SMEs) that lack access to traditional banking services. Over time, the company has diversified its offerings by introducing new products like bill payments and savings, creating additional revenue streams while deepening customer engagement.
Fido’s business model revolves around leveraging mobile technology and alternative data to deliver swift financial solutions. The company uses data from mobile devices, combined with AI-driven models, to assess creditworthiness and reduce the risk of default. This approach enables Fido to provide competitive loan rates while reaching a demographic traditionally excluded from formal financial systems. The company is also enhancing its loan offerings by embedding insurance products, with plans to introduce packages like climate and tradesman insurance.
Fido’s CEO, Alon Eitan, emphasized the company’s role in fostering financial inclusion across sub-Saharan Africa, noting that a significant portion of the population is either unbanked or underbanked. “For many of the customers entering our ecosystem, Fido represents their first interaction with financial services. We help them establish a financial footprint, giving them access to credit, insurance, savings, and the ability to purchase essential items like mobile phones,” said Eitan.
The fintech has already served over one million customers, 40% of whom are SMEs, and has disbursed $500 million in loans across Ghana. With the fresh funding, Fido aims to surpass $1 billion in total disbursements by early next year. The company plans to use the capital to grow its customer base, reach new markets, and have a deeper impact on the financial lives of African entrepreneurs and individuals.
With its innovative approach, Fido is well-positioned to continue its growth trajectory, expanding its footprint across the continent while delivering impactful financial solutions to underserved populations. As it scales, Fido is set to play a critical role in the financial empowerment of Africa’s next generation of entrepreneurs and individuals.
