Fido secures $20m series B for African expansion, adds $10m debt funding from Stanbic Bank Ghana, GIP

Following a Series-A round in 2022, the credit-first platform launched an R&D center in Ghana, expanded into Uganda, and is now entering additional African markets.

In a round co-led by BlueOrchard and FMO, Fido, a leading fintech company on a

mission to make financial services accessible to the unbanked, has just completed a $20 million Series-B equity financing.

Additionally, the Company has secured $10 million in debt funding from Stanbic Bank Ghana and Growth Investment Partners Ghana.

Revolutionizing how individuals and small businesses across Africa manage their finances, Fido's platform provides fast, easy access to credit, savings, billing, and personalized insurance.

Utilizing the groundbreaking "Fido Score", Fido harnesses mission-critical, real-time AI models - widely acknowledged as the most effective in Africa - for risk assessment and fraud detection.

Through the integration of both alternative and conventional financial data, Fido provides secure and reliable financial services that stand out within the marketplace.

The new funding will fuel Fido’s expansion across Africa and tap into the vast potential of over half a billion underserved individuals and businesses. Having already served one million customers and achieved over 100% year-on-year growth, Fido has become the largest and most profitable fintech in Ghana.

Now, by entering these blue oceans, Fido aims to introduce its tailored financial products to those left behind by traditional banking systems.

CEO, Alon Eitan, said: “Receiving this investment from FMO and Blue Orchard is a testament to the strength of our business, the exceptional capability of our team, and the tremendous market opportunity that lies ahead.

With the support of FMO and BlueOrchard, who bring unparalleled knowledge of the market and our industry, we are well-positioned to accelerate our growth trajectory, deepen our market penetration across Africa, and solidify our position as an industry leader.”

Richard Hardy, Investment Director Africa at BlueOrchard, said “Fido is at the forefront of driving financial inclusion through their platform that uses artificial intelligence and proprietary credit scoring.

Their fully digital capabilities allow them to serve a part of the market that has historically been neglected and remains highly underpenetrated. The Fido team has extensive experience in technology and scaling start-ups and is strongly aligned with our mission. We are excited to partner with them as they grow their business.”

Pieternel Boogaard, Director of PE at FMO said: “FMO is delighted to partner with Fido, empowering individuals and small businesses across Africa by providing accessible and flexible financial services.

Through the use of alternative data and AI Fido can reach the unbanked and support financial inclusion, taking responsible lending practices into account. With our investment, FMO will support Fido in scaling in existing markets and expanding into other African countries.”