Fido is a fintech company located in Ghana. It has raised $30 million through a Series A round led by Fortissimo Capital. Yard Ventures participated as well as other private investors.
In 2016, Nadav Topolski and Tomer Edry founded Fido to improve financial services access in areas that have few banks.
“We are fostering a new financial culture in Africa,” Fido CEO Alon Eitan stated. We want financial services to be more accessible. However, we also want them to be more transparent, faster, easier, and simpler.
Fido developed an automated platform for banking that analyses hundreds of thousands of data points real-time. This includes credit insights, risk estimation and fraud detection.
These are available for customers who do not have access to a bank account or previous financial records.
Fido has provided services to 340,000 customers in Africa, with 1.5 million loans totaling $152 million. Ghana is the startup’s primary market, and at the beginning of the year, it expanded into Uganda. Fido is licensed to work in the Philippines, and plans to open operations there. Fido is also looking at expanding its operations in other countries.
The company now has $38 million in total funding.