Fido, a Ghanaian fintech, has raised $30 million in debt and equity to expand its AI-powered lending services across Africa. This financing includes a $20 million Series B led by BlueOrchard Finance and $10 million in debt from other investors, bringing total funds raised to $68 million. Founded in 2014, Fido offers mobile lending solutions and uses AI to assess credit risks, aiming to improve financial accessibility for unbanked populations.
Ghana’s fintech company Fido has raised $30 million in a combination of debt and equity, aiming to enhance its digital lending services throughout Africa. The funding includes a $20 million Series B round, spearheaded by BlueOrchard Finance from Switzerland and the Dutch development bank FMO, along with $10 million in debt from Stanbic Bank Ghana and Growth Investment Partners.
This latest financing aligns with the $30 million acquired in its 2022 Series A funding round, also totaling $68 million raised to date. Established in 2014, Fido operates a mobile application offering quick credit loans to both consumers and businesses, currently serving in Ghana and Uganda.
Fido employs a unique AI-powered model, the Fido Score, to evaluate credit risk and detect potential fraud, ensuring inclusivity-focused lending. The firm claims to have disbursed over $500 million in credit to over a million customers while also providing additional services such as savings accounts, mobile financing, and bill payments.
In a statement on LinkedIn, Fido expressed its intention to utilize the funding to improve financial service accessibility for the unbanked. The company aims to broaden its market presence and enhance product offerings, including small business loans, savings, and personalized insurance services across the African continent.
Fido’s recent funding achievement reflects its commitment to expanding AI-driven financial services in Africa, boosting accessibility for unbanked populations. With a total of $68 million raised since its inception, the company plans to enhance its product offerings and market reach, ultimately providing innovative solutions for individuals and small businesses on the continent.
Original Source: www.fintechfutures.com
