The fintech platform Fido, based in Ghana and Uganda, has recently achieved a significant milestone in its growth trajectory by securing a substantial $10 million in Series B investment. This infusion of capital comes courtesy of MASSIF, a fund dedicated to financial inclusion and managed by FMO, the Dutch entrepreneurial development bank. The fresh funds are earmarked for accelerating Fido’s expansion efforts and are expected to play a critical role in addressing the financing needs of small and medium-sized enterprises (SMEs) across Africa.
Established in 2015, Fido has carved a niche for itself as a pioneer in offering easy-to-access credit solutions to both individuals and businesses within Ghana and Uganda. The company has harnessed the power of cutting-edge technology and the innovative use of alternative data to extend credit facilities to a customer base that exceeds 650,000. These customers often lack a conventional financial history, which traditionally would have barred them from obtaining loans.
With the newly acquired Series B funding, Fido is set to bolster its lending capacity within its current markets and also set its sights on expanding into additional African nations. This strategic move is in line with the company’s overarching goal of serving communities that are typically neglected by the mainstream financial sector, with a particular focus on those at the economic base of the pyramid.
The investment by MASSIF into Fido is a testament to the fund’s dedication to fostering financial inclusion and supporting the growth of micro, small, and medium-sized enterprises. MASSIF’s collaboration with Fido is strategically aimed at tackling the vast $331 billion finance gap faced by SMEs in Africa and delivering innovative digital lending solutions to populations that are currently underserved.
The success of Fido’s Series B funding round is indicative of the increasing appetite for financial services that are both accessible and inclusive within the African market. As Fido continues to extend its footprint and influence, it is well-positioned to become an instrumental force in promoting economic progress and providing the necessary financial empowerment to individuals and businesses throughout the continent.
