Ghanaian fintech Fido has raised $30 million in a blend of debt and equity to scale its AI-driven lending services across Africa, led by BlueOrchard Finance and FMO. This funding matches its previous $30 million raise in 2022, totaling $68 million to date. Fido focuses on providing instant credit loans with its proprietary Fido Score to assess credit risks and aims to enhance financial inclusivity for unbanked individuals.
Ghana-based fintech company Fido has successfully raised $30 million in a mix of debt and equity to enhance its AI-powered lending services across the African continent. This includes a $20 million Series B funding round led by BlueOrchard Finance from Switzerland and the Dutch development bank FMO, alongside $10 million in debt financing provided by Stanbic Bank Ghana and Growth Investment Partners.
The recent capital raise aligns with the $30 million obtained during Fido’s Series A funding round in 2022, which was spearheaded by Fortissimo Capital, culminating in a total of $68 million raised to date. Established in 2014, Fido’s mobile application offers instant credit loans to both consumers and businesses, with active operations in Ghana and Uganda.
Fido’s lending strategy aims to foster inclusivity through the use of the Fido Score, an AI-powered system designed for credit risk assessment and fraud detection throughout the loan process. The fintech has reportedly issued over $500 million in credit to more than one million customers, providing not only loans but also savings accounts, mobile phone financing, and bill payment services.
Following this funding achievement, Fido has expressed its intent to utilize the investment to broaden access to financial services for the unbanked population, seeking to expand into new markets and enhance its 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,” the company affirmed on LinkedIn.
Fido’s recent funding success underscores its commitment to expanding AI-driven financial services in Africa. The combination of debt and equity funding positions Fido to enhance its reach and diversify its product offerings, particularly for underserved populations. With a total of $68 million raised, Fido aims to continue impacting access to credit and other financial services across the continent.
Original Source: www.fintechfutures.com
