Fido's $10 Million Funding to Drive Financial Inclusion and Close the SME Finance Gap in Africa

Ghanaian-Ugandan fintech platform Fido has secured $10 million in Series B funding to accelerate its growth and expansion efforts. The investment comes from MASSIF, a financial inclusion fund managed by the Dutch development bank FMO, and is set to bolster Fido’s mission to close the SME finance gap across Africa.

Founded in 2015, Fido has established itself as a key player in providing accessible credit to individuals and businesses in Ghana and Uganda. Using technology and alternative data, Fido has successfully extended loans to over 650,000 customers, many of whom lack a traditional financial history.

This latest funding will allow Fido to expand its loan offerings in its current markets and explore opportunities in new African countries. The expansion is part of Fido’s broader goal to support underserved communities, particularly those at the economic base.

MASSIF’s investment underscores its commitment to financial inclusion and the empowerment of micro, small, and medium-sized enterprises (MSMEs). By supporting Fido, MASSIF aims to help address the estimated $331 billion SME finance gap in Africa through innovative digital lending solutions.

Source: Empower Africa