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 $10M 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 BlueOrchard 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.”
About Fido:
Fido is a pioneering digital lender and fintech platform in Africa. Through its AI-powered mobile lending app, Fido offers instant, flexible, and affordable financial products to micro-entrepreneurs, workers, and businesses. Since 2014, Fido has disbursed over 3 million loans to one million underserved individuals, emphasizing financial inclusiveness and technological innovation.
For more info, visit: gh.fido.money | Testimonials
About BlueOrchard:
BlueOrchard is a leading global impact investment manager and member of the Schroders Group. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide.
Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital.
Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 10 billion across more than 100 countries. BlueOrchard has facilitated access to financial and related services for over 280 million underserved people in emerging and frontier markets as of December 2022.
For more information: www.blueorchard.com
About FMO:
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.
FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable.
FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.
For more information: please visit https://www.fmo.nl
Source: Citinewsroom
