Ghana’s fintech innovator, Fido, recently bolstered its financial capacity with a significant $30m Series B funding round, according to a report from TechCrunch.
This infusion of capital comes from prominent impact investors including the Dutch entrepreneurial development bank FMO and global impact investment manager BlueOrchard.
The round comprises a notable $20m equity portion along with additional debt financing, marking a strong vote of confidence in Fido’s growth trajectory.
Fido, established in 2015 by a trio of Israeli entrepreneurs—Nadav Topolski, Tomer Edry, and Nir Zepkowitz—has carved a niche in the digital lending market by offering mobile-based loans. The platform has expanded its services over the years to include savings accounts, bill payments, and smartphone financing.
Alon Eitan, CEO of Fido, said, “A majority of the population in sub-Saharan Africa are either unbanked or underbanked, and for a lot of the customers that come into our ecosystem, we are probably their first-ever interaction with financial services.
“We take them from zero financial footprint to the point where they’ve built a whole financial backbone within an ecosystem where they can get credit, insurance, make savings, buy mobile phones and do their business.”
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