FIDO News
5 articles
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Impact investors FMO and BlueOrchard back Ghana’s digital lender Fido in $30M Series B round | TechCrunch
Ghanaian fintech Fido has secured $30 million in Series B debt-equity funding to expand its digital lending services into new markets in East and Southern Africa. The funding includes a $20 million equity investment from BlueOrchard and FMO. Fido, which offers loans, savings, bill payments, and smartphone financing, aims to serve underbanked populations and small businesses. The company has already served a million customers and extended over $500 million in loans across Ghana and Uganda. Fido plans to use the new funds to reach more customers and further grow its impact.
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Fido launches on IOS for iPhone users in Ghana
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Israeli fintech co Fido raises $30m for African expansion
Ghana-based fintech company Fido has raised $30 million in a Series A financing round led by Fortissimo Capital. The company aims to provide financial services in regions with limited access to banking services in Africa. Fido has developed an automatic banking platform based on machine learning models and risk management systems. It has served 340,000 customers and extended $150 million in loans to date. Fido plans to launch new products to improve customers economic and financial management. The company expects to generate $10 million in revenue in 2022 and expand its customer base. Fidos main market is Ghana, but it has also entered Uganda and plans to operate in South Africa. The company has a license to work in the Philippines and is exploring opportunities in other markets. Fido has a total funding of $38 million.
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FIDO money lending receives funding from DEG's up-scaling programme
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This Startup Is Giving Customers Credit Where It's Due, On Their Smartphones
FIDO Solutions, an Israeli company, is revolutionizing the micro-lending space in developing countries, starting with Ghana. They have developed a mobile-first platform that offers fast and easily accessible short-term loans to individuals and small businesses. FIDO uses a unique set of data points generated from loan applicants mobile phones to develop a reliable risk analysis model. They have provided over 50,000 loans to date and have experienced major growth through word of mouth. FIDOs vision is to change the way financial services are provided in developing markets by using their own alternative risk analysis model. However, they face challenges in terms of funding and competition from other micro-lending companies. FIDO plans to scale and expand by partnering with traditional micro financial institutions and banks.
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