Ghana’s Fido has secured $30 million in debt and equity to expand its AI-powered lending services across Africa. This funding includes a $20 million Series B and $10 million in debt financing. Fido aims to enhance accessibility to financial services for the unbanked and has facilitated over $500 million in credit transactions since its establishment.
Ghanaian fintech company Fido has successfully raised $30 million in both debt and equity as part of its strategy to expand AI-driven lending services throughout Africa. This funding includes a $20 million Series B round, which was 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 financial boost matches the previous $30 million raised during Fido’s Series A funding round in 2022, thus elevating its cumulative funding to $68 million. Established in 2014, Fido utilizes a mobile application to offer immediate credit loans tailored for both consumers and businesses, currently servicing markets in Ghana and Uganda.
Fido’s lending practices emphasize inclusivity, utilizing the Fido Score—an AI-driven tool for assessing credit risk and identifying fraud throughout the lending process. The company reports that it has allocated over $500 million in credit to over one million customers, while also offering services such as savings accounts, mobile phone financing, and bill payment options.
In a recent LinkedIn announcement regarding this funding achievement, Fido expressed intentions to utilize the funds to “further our mission of making financial services accessible to the unbanked” and intends to enhance its product range in new markets. The statement emphasized that this investment will facilitate the provision of innovative financial solutions, including small business loans, savings accounts, and personalized insurance, to a wider audience across Africa.
To summarize, Fido’s recent $30 million funding acquisition underscores its commitment to advancing financial accessibility in Africa through AI-driven solutions. This new funding allows Fido to expand its reach, improve product offerings, and continue its mission of serving previously unbanked individuals and businesses. The company demonstrates a robust growth trajectory, having raised substantial capital to date.
Original Source: www.fintechfutures.com
