Fido, fintech company based in Ghana, has raised $30 million in a Series A round to help its expansion plans across Africa.
The round is a $30 million equity investment and some undisclosed debt funding. The round was led by Israel-based private equity fund Fortissimo Capital, with participation from Yard Ventures; a VC fund by Harvard alumni. This brings the total equity investment raised to date to $38 million.
Fido plans to add savings and payment services later this year. The company is also planning on expanding to Uganda as well.
Fido CEO Alon Eitan says that what the company sees in the market today is a segment of customers, who are mostly small entrepreneurs, that don’t really have access to traditional banking systems and they see an opportunity to offer these customers, who are outside banking systems, savings products that are fully-digital and very easy to use.
The company currently gives mobile loans of up to $250 to individuals and small businesses. Loans are repayable through single or multiple installments for a period of up to six months.
Till date, Fido has issued over $1.5 million in loans to about 350,000 customers in Ghana.
Source: TechCrunch
