Fido, a fintech platform with operations in Ghana and Uganda, has reached a significant milestone in its growth by securing a substantial $10 million in Series B investment. The injection of capital is provided by MASSIF, a fund dedicated to financial inclusion and managed by FMO, the Dutch entrepreneurial development bank. This financial boost is earmarked to accelerate Fido’s expansion efforts and address the financing needs of small and medium-sized enterprises (SMEs) across Africa
Innovative Approach to Credit Solutions
Since its establishment in 2015, Fido has established itself as a trailblazer in providing accessible credit solutions to individuals and businesses in Ghana and Uganda. Leveraging cutting-edge technology and creative use of alternative data, the company has extended credit facilities to a customer base exceeding 650,000, many of whom lack traditional financial histories that would typically hinder their access to loans.
Strategic Expansion and Financial Inclusion Goals
With the Series B funding, Fido is poised to strengthen its lending capacity in its current markets while also setting its sights on expansion into additional African nations. This strategic move aligns with the company’s core objective of serving communities often overlooked by the mainstream financial sector, with a particular emphasis on those at the economic base of the pyramid.
Dedication to Financial Inclusion
The investment by MASSIF into Fido reflects the fund’s commitment to fostering financial inclusion and bolstering the growth of micro, small, and medium-sized enterprises. Collaborating with Fido, MASSIF aims to address the substantial $331 billion finance gap faced by SMEs in Africa and introduce innovative digital lending solutions to underserved populations.
A Rising Demand for Inclusive Financial Services
Fido’s successful Series B funding round signifies a growing demand for accessible and inclusive financial services within the African market. As Fido extends its reach, it is poised to become a key driving force in advancing economic progress and delivering essential financial empowerment to individuals and businesses across the continent.