Digital Lender FIDO Raises Series B Round

Ghana—and Uganda-focused credit lender Fido raised its Series B. FMO invested USD 10 M in direct equity (from MASSIF) in FIDO’s Series B capital raise. The funding objective is to support FIDO’s loan book growth in Ghana and Uganda, and to further expand into new African countries while maintaining its goal of supporting bottom-of-pyramid (BoP) clients.

Founded in 2014 by Alon Eitan and Nadav Topolski, FIDO uses alternative data and artificial intelligence (AI) to assess over 650,000 customers. This enables users to access credit instantly without requiring a traditional financial track record based on a credit score computed by FIDO.