Ghana-based FinTech Fido raises Series A round

Ghana-based FinTech company Fido has reportedly raised $30m in a Series A round, as well as an undisclosed amount in debt funding.

The capital injection was led by Israel-based investor Fortissimo Capital, according to a report from TechCrunch. Also joining the round was Yard Ventures.

Fido aims to empower individuals and entrepreneurs to capture financial opportunities. Its mobile app helps users quickly apply for loans.

Since its launch, Fido has distributed 1.5 million loans, with a total value exceeding $150m, to 340,000 customers.

Fido CEO Alon Eitan told TechCrunch, “What we are seeing in the market today is a segment of customers, who are mostly small entrepreneurs, that don’t really have access to traditional banking systems … and we see an opportunity to offer these customers, who are outside banking systems, savings products that are fully digital and very easy to use.

“Customers will be able to deposit from mobile money, cards and even cash, and we receive attractive returns on those savings. Our payments product will be layered on top of existing payment rails, as we want to create interoperability between all the different payment rails that are popping up in different countries today.”

With the close of the round, Fido has raised a total of $38m in equity.

Fellow Ghana-based FinTech company Float recently collected $17m in its seed round. The company helps companies manage their cashflow, with tools for payroll and inventory, as well as others.

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