The Innovation Spark
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer
No Result
View All Result
The Innovation Spark

Fido secures $10 million from FMO as part of its Series B funding round.

by Staff Reporter
August 12, 2024
Reading Time: 2 mins read
0
Fido secures $10 million from FMO as part of its Series B funding round.
Share on FacebookShare on TwitterShare on LinkedIn

Fido, the digital lender based in Ghana and Uganda, has secured $10 million in equity from FMO’s MASSIF Fund as part of its Series B capital raise. MASSIF is FMO’s financial inclusion fund that supports intermediaries that reach out to MSMEs disproportionately affected by a lack of access to financial services.

Bridging Africa’s $331 billion SME Finance Gap.

Founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido provides individuals and businesses with access to credit without fees, collateral, or guarantors. It enables users to access capital quickly. Fido automates the customer journey from onboarding to credit analysis and provides financial advisory. By leveraging technology, the company utilizes alternative data and artificial intelligence to underwrite more than 650,000 customers, granting them instant access to credit without a formal financial track record based on a credit score calculated by FIDO.

RELATED STORIES

George Antwi-Boasiako, Startups Cooperative Credit Union

Exclusive: How AgriCoHub invested nearly GHS 1 Million in startups leveraging an innovative cooperative credit union model.

May 15, 2025
Mariseth Farms CEO

Mariseth Farms secures $560k from Sahel Capital to support over 8,000 smallholder farmers. 

May 15, 2025

What’s Fido’s track record like?

According to the company’s website, the fintech has so far underwritten 3.0 million loans, valued at $300 million, to 650,000 customers. As of 2022, the company had raised $38 million to expand its mission of empowering individuals and businesses. Its $30 million Series A round was led by Israel-based private equity fund Fortissimo Capital, with participation from Yard Ventures, a VC fund by Harvard alumni. 

What will the capital be used for? 

Fido will use the funding to grow its loan book in Ghana and Uganda and to further expand into new African countries while maintaining its goal of supporting bottom-of-pyramid clients.

Tags: entrepreneurshipfundingGhana Innovation Journalseries B funding
Facebook Twitter Instagram Youtube LinkedIn Snapchat TikTok

About Us

The Innovation Spark is a venture builder, innovation consultancy and media agency focused on igniting excellence in people and companies.
#Ideate #Innovate #Implement

Recent Stories

  • This Week in StartupGhana #40: KIC’s $200K bet | Wahu taps into the carbon credit market | Bloomberg’s Top 25 African Startups to Watch
  • Freezelink and Revna Biosciences named on Bloomberg’s Top 25 African Startups to Watch in 2025.
  • Wahu Mobility taps into the global carbon credit market with approval of Swiss-Ghana backed e-bike project.

Categories

© 2025 The Innovation Spark - #Ideate #Innovate #Implement

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer