Fido, a prominent fintech platform in Ghana and Uganda, has successfully raised $10 million in Series B funding, led by the MASSIF financial inclusion fund managed by FMO. This investment will support Fido’s expansion to meet the financing needs of small and medium-sized enterprises (SMEs) in Africa. Established in 2015, Fido is known for offering accessible credit solutions to individuals and businesses in its target markets.
The fintech platform leverages advanced technology and alternative data to offer credit facilities to a customer base exceeding 650,000 people, many of whom lack traditional financial histories that would typically prevent them from accessing loans.
With the Series B funding, Fido plans to strengthen its lending capacity within its current markets while also eyeing expansion into additional African countries. This strategic expansion aligns with Fido’s mission to serve communities that are often overlooked by mainstream financial institutions, particularly those at the economic base of the pyramid.
Fido’s successful Series B funding round highlights the growing demand for financial services that are both accessible and inclusive in the African market. As Fido continues to expand its footprint and influence, the company is poised to play a pivotal role in promoting economic progress and empowering individuals and businesses across the continent.
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