• Nigerian/African Tech
  • Start Up
  • Internet
    • App
    • Mobile
    • Software
  • Gadgets
  • Money
  • Video
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

Femi by Femi
June 22, 2022
Share on FacebookShare on Twitter

Ghana’s fintech startup Fido has raised $30 million in equity investment in a Series A funding round led by Israel-based private equity fund Fortissimo Capital. The funding round also received participation from Yard Fund, a venture capital fund founded by Harvard alumni. Fido also raised undisclosed debt funding. Following the funding round, the total equity investment raised by the fintech runs into a total of $38 million.

Also On TechBooky

Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

Nigerian Founded Kibo School Gets $2m In Funding For Online STEM Degrees

Nigerians Consumed 353,118 Terabytes Of Data In 2021

Facebook, Twitter, Others Must Register And Appoint A Contact Officer In Nigeria

Payments Platform MFS Africa Raises Additional $100m In Series C Round, Total Funding Now $200 Million

Fido, over the years, has provided credit facilities to people via their mobile phones since it appeared in 2015. It was founded by Naday Topolski, Tomer Edry and Nir Zepkowitz. The fintech provides mobile loans of up to $250 to individuals and small businesses. It allows customers to make repayments either through a single payment or multiple instalments for a period of up to six months.

Fido plans to roll out new products and also expand across Africa and the newly-raised funding will help fuel that. The new products that the fintech plans to launch this year include savings and payments products and they would be added before the year runs out. On expansion, Fido Uganda is the top on the list of countries that it plans to enter. There are also plans to open a second research and development centre in Accra, Ghana to complement its branch in Israel. The startup says this will help ensure sustainability in the long run.

According to CEO Alon Eitan, “What we are seeing 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 we see an opportunity to offer these customers, who are outside banking systems, savings products that are fully-digital and very easy to use.”

He also went on to explain that “Customers will be able to deposit from mobile money, cards and even cash, and we receive attractive returns on those savings. Our payments product will be layered on top of existing payment rails, as we want to create interoperability between all the different payment rails that are popping up in different countries today.”

The CEO also claims that potential users will be able to set up a Fido account in as quick as ten minutes. Fido relies on credit-scoring technologies to decide the number of loans to issue to people. “We have been able to solve default rates with very clever machine learning models. And modestly, I could say that our results are second to none in the continent. We have low single-digit default rates, which is, I think, unheard of in our space. And we’re able to do that because we’re relentlessly focused on delivering new machine learning models in space. We’re currently operating more than three models just on the risk side, and we’re going to soon release a fourth one. We also have models around fraud too,” he added.

According to Fido’s CEO, the fintech has issued more than $1.5 million in loans to at least 350,000 customers in Ghana and hopes to grow this number as it sets out into Uganda and other African territories.

Speaking on the Ugandan expansion, the CEO said that “Uganda in many ways resembles Ghana, and we understand the regulation very well. We think it’s a very big market, both in terms of population size, but also in terms of the penetration of mobile. So, there are about nine million mobile accounts in Uganda and so it’s very important for us to go to a market that is already mature because it helps us deliver our services instantly, which is what we really want to do.”

“We are truly impressed by the team’s ability to underwrite people instantly while delivering sustainable economics. This differentiates them from the other players in the space. Fido brings a genuinely differentiated offering that solves an enormous challenge by using disruptive technologies. Now world-class fintech technology is available to all, for mutual growth and shared prosperity,” Fortissimo Capital partner, Yochai Hacohen, said in a statement.

 

Source: TechBooky Business

Related Posts:

  • Payments Platform MFS Africa Raises Additional $100m In Series C Round, Total Funding Now $200 Million
    Payments Platform MFS Africa Raises Additional $100m In…
  • Moove Gets $105m Series A2 Funding To Spread Across Asia, Europe And The MENA Region
    Moove Gets $105m Series A2 Funding To Spread Across Asia,…
  • Kenya's Zanifu Raises $1M In Seed Funding, Plans Upgrade
    Kenya's Zanifu Raises $1M In Seed Funding, Plans Upgrade
  • Nigeria's Bfree Raises $1.7 Million In Pre-Series A Round
    Nigeria's Bfree Raises $1.7 Million In Pre-Series A Round
  • Ghanaian Fintech Startup, Float Raises $17M Funding To Power Africa’s Cash Flow Commerce
    Ghanaian Fintech Startup, Float Raises $17M Funding To Power…
  • SA Fintech Startup JUMO Secures $120m In New Funding
    SA Fintech Startup JUMO Secures $120m In New Funding
  • Crypto Analysis Firm, Elliptic Raises $60 Million In Funding Round
    Crypto Analysis Firm, Elliptic Raises $60 Million In Funding…
  • Treepz Raises A Total Of $2.8m In Its Seed Round To Fuel Expand Into E/Africa
    Treepz Raises A Total Of $2.8m In Its Seed Round To Fuel…
Tags: fidofinancefintechghanastartup
Femi

Femi

Paul Balo is a wireless communications technologist with interests in VoIP and 5G technologies. He leads the writing team at TechBooky

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

Loading

Recent

Software Engineer Creates AI Tool To Identify Holocaust Victims

Software Engineer Creates AI Tool To Identify Holocaust Victims

June 28, 2022
Here’s How To Make A Viral Video

Here’s How To Make A Viral Video

June 27, 2022
New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

June 27, 2022
El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

June 25, 2022
Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

June 22, 2022
Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

June 22, 2022
Nigerian Founded Kibo School Gets $2m In Funding For Online STEM Degrees

Nigerian Founded Kibo School Gets $2m In Funding For Online STEM Degrees

June 22, 2022
Nigerians Consumed 353,118 Terabytes Of Data In 2021

Nigerians Consumed 353,118 Terabytes Of Data In 2021

June 21, 2022
FBI Warns Of ‘Significant Threat’ By Crypto Scammers On LinkedIn

FBI Warns Of ‘Significant Threat’ By Crypto Scammers On LinkedIn

June 18, 2022
U.S. Senate Democrats Call For Common Mobile Charger Like The E.U

U.S. Senate Democrats Call For Common Mobile Charger Like The E.U

June 17, 2022

Browse Archives

June 2022
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
27282930 
« May    

Receive top tech news directly in your inbox

Loading

About Us

TechBooky

TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

Subscribe to TechBooky

Enter your email address to subscribe to TechBooky and receive notifications of new posts by email.

Join 17,953 other subscribers.

Popular Tags

AI (229) amazon (88) android (262) app (558) Apple (439) artificial intelligence (239) business (279) china (112) cloud (130) cryptocurrency (135) ecommerce (106) enterprise (227) facebook (461) gadget (395) gaming (148) google (525) government (365) guest post (108) instagram (131) internet (327) ios (230) iphone (191) microsoft (251) mobile (258) new feature (252) nigeria (269) privacy (126) research (132) samsung (127) security (352) smartphone (210) social media (632) software (382) startup (241) streaming (131) telecom (154) tips (310) transport (98) twitter (191) united states (178) users (102) videos (107) website (137) whatsapp (124) youtube (100)

Quick Links

  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

Popular Post

  • Trending
  • Comments
  • Latest
Apple’s WWDC22 Is Set For June 6th-10th As A Virtual Event

WWDC22: What To Expect From Apple’s Developer Conference

May 31, 2022
Top 2 Methods To Convert CSV To vCard/VCF In 2022

Top 2 Methods To Convert CSV To vCard/VCF In 2022

February 2, 2022
iOS 16 Brings Haptic Feedback To The iPhone’s Keyboard

iOS 16 Brings Haptic Feedback To The iPhone’s Keyboard

June 8, 2022
watchOS 9 Debut With New Ways To Stay Connected, Active & Healthy

watchOS 9 Debut With New Ways To Stay Connected, Active & Healthy

June 9, 2022
WWDC22: Apple Debuts New iOS 16 Lock Screen With Widgets And More

How To Download The iOS 16 Developer Beta To Try The New Features

June 8, 2022
watchOS 9 Will Drop Support For Apple Watch Series 3

watchOS 9 Will Drop Support For Apple Watch Series 3

June 8, 2022
Software Engineer Creates AI Tool To Identify Holocaust Victims

Software Engineer Creates AI Tool To Identify Holocaust Victims

June 28, 2022
Here’s How To Make A Viral Video

Here’s How To Make A Viral Video

June 27, 2022
New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

June 27, 2022
El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

June 25, 2022
Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

June 22, 2022
Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

June 22, 2022

Recent News

Software Engineer Creates AI Tool To Identify Holocaust Victims

Software Engineer Creates AI Tool To Identify Holocaust Victims

June 28, 2022
Here’s How To Make A Viral Video

Here’s How To Make A Viral Video

June 27, 2022
New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

New Report Says Bitcoin Uses 50% Less Energy Than Traditional Banking

June 27, 2022
El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles As Crypto Crashes

June 25, 2022
Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

Nigerian Health Startup Healthtracka Raises $1.5m In Seed Funding

June 22, 2022
Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

Ghana’s Fido Raises $30 Million In Series A Funding To Fuel Its Expansion Plans

June 22, 2022
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact us
  • Privacy Policy
  • Disclaimer
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

© 2021 Design By Tech Booky Elite

Posting....