Fido, a digital lender operating in Ghana and Uganda, has raised $30 million in a Series B round to expand its financial services to individuals and small and medium-sized enterprises (MSMEs). The round includes a $20 million equity investment from global impact investment manager BlueOrchard and the Dutch entrepreneurial development bank FMO, alongside $10 million in debt funding from Stanbic Bank Ghana and Global Infrastructure Partners.
As part of the investment, BlueOrchard’s InsuResilience Investment Fund Private Equity II (IIF II) will appoint a representative to Fido’s Board of Directors. This collaboration will enhance Fido’s corporate governance, support its expansion into new markets, develop climate insurance products, and boost its technological capabilities. The IIF II’s Technical Assistance Facility will also help Fido launch new insurance products and improve financial literacy among its target audience.
Founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido leverages AI-based credit scoring to provide instant credit to underserved individuals and MSMEs through a digital app. This innovative approach has enabled Fido to profitably serve over one million clients, including 40% small businesses, across Ghana and Uganda. With more than $500 million in loans disbursed and 50,000 customers served since its 2023 launch in Uganda, Fido is poised to bridge Africa’s $331 billion SME finance gap.
“This investment from FMO and the BlueOrchard-managed climate insurance private equity fund is a testament to the strength of our business, the exceptional capability of our team, and the tremendous market opportunity that lies ahead. With the support of FMO and the fund, who bring unparalleled knowledge of the market and our industry, we are well-positioned to accelerate our growth trajectory, deepen our market penetration across Africa, and solidify our position as an industry leader,” CEO of Fido, Alon Eitan.
