Ghanaian financial technology company Fido has successfully raised $30 million in Series B funding, with BlueOrchard Finance Ltd. and FMO, a Dutch entrepreneurial development bank, at the forefront of this investment.

Fido’s range of financial services, such as loans, savings, bill payments, and smartphone financing, utilizes mobile technology and alternative data sources to cater to the needs of individuals and small businesses.

Over one million customers, including 40% small businesses, have been served by the company, with over $500 million in loans extended across Ghana and Uganda.

The digital lending market in Africa is anticipated to grow to $2 billion over the next five years due to the increasing demand for financial inclusion and the expansion of mobile money services.

Fido’s utilisation of AI models and alternative data in credit scoring and loan origination positions it favourably to capitalise on this market expansion.

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Alon Eitan, Fido’s CEO, emphasises the significance of financial inclusion for small businesses, which are crucial to the economies of sub-Saharan Africa. The company boasts a default rate of less than 4%, credited to its effective credit scoring system.

Having completed five funding rounds and secured a total funding amount of $49 million, Fido has been backed by a total of four investors, with FMO and Fortissimo Capital being the latest investors.

Fido Credit: Your Convenient Financial Solution

Fido Credit offers a flexible and easy way to access instant credit of up to GHS 4,000. With no paperwork, collateral, or guarantors required, you can apply 24/7 and receive funds directly to your mobile wallet within 15 minutes.

Key Features:

• Flexible Repayments: Repay your credit at your own pace, with no early repayment fees.
• Improved Offerings: Build a positive credit history to unlock higher credit limits and better terms.
• Fido Score: A creditworthiness score that helps you access more financial products and services.
• Easy Access: Use the *998# short code to manage your credit, buy airtime and data, and pay bills.

Benefits of Using Fido Credit:

• Convenience: Enjoy the ease of applying and managing your credit online.
• Flexibility: Choose repayment terms that suit your budget.
• Improved Financial Health: Build a positive credit history and unlock more opportunities.
• Time-saving: Avoid queues by paying bills and buying airtime and data directly from your phone.

The Fido Score plays a critical role in accessing larger credit limits and improved terms, with the company’s mobile app simplifying the process of obtaining and enhancing this financial indicator.

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By using the official Fido short code *998#, customers can effortlessly repay credit, purchase airtime and data, and access support, all while improving their Fido Score.

The short code also facilitates bill payments for services such as electricity, water, DSTV, Star Times, and Go TV, offering convenience for users. Take action now and start maximising your financial opportunities with Fido.