Nithio, a climate fintech, has successfully secured $10 million in funding for FAIR (the Facility for Adaptation, Inclusion, and Resilience from FMO, the Dutch Entrepreneurial Development Bank). FAIR offers financing to companies that provide clean energy solutions to households and small businesses in Africa.
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Nithio is led by Co-Founder & CEO Hela Cheikhrouhou (former Minister of Energy, Mining and Renewables of Tunisia), Co-Founder & COO Kate Steel (former Director of the Energy Office at USAID’s Power Africa and previously led renewable energy and energy access investments at Google), and Co-Founders & Board Members Queen Chinyere Quinn and Bobby J. Pittman of Kupanda Capital and has invested in d.light, MKOPA, Bbox, Sun King, Nigeria’s Winock more than once.
Last year, Nithio raised €10 million investment from the Danish Investment Fund for Developing Countries (IFU). IFU’s investment was to enable Nithio to accelerate its investments into companies that provide solar home systems and solar power appliances for productive use to households and small enterprises.
Nithio and FMO are working together to increase funding for Africa’s climate and energy requirements, ensuring that vulnerable households and small businesses receive the necessary resources and investment to develop climate resilience.
FMO’s investment will help Nithio expand its financing to solar home system and productive use appliance distributors, improving livelihoods, creating jobs, and increasing small enterprise productivity. The investment will broaden Nithio’s impact by providing energy access to over 160,000 people and supporting nearly 7,000 small enterprises, while also avoiding over 500,000 metric tons of CO2 emissions.
Nithio via FAIR has made 11 investments, providing energy access to over 400,200 people and supporting 12,100 enterprise products. The latest funding will help expand energy access equitably and launch Gender-Lens Financing to prioritize women customers and address gender disparities.
Increased energy access enhances women’s job opportunities by 23% and empowerment by 11%. FAIR uses Nithio’s AI-driven risk analytics to standardize credit risk assessments and enable sustainable financing, filling a market gap by lending to both large international solar companies and small, local distributors.
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