Fido Raises $30M to Expand AI-Driven Digital Lending Services Across Africa

Ghanaian fintech Fido has announced a new $30 million funding round, combining $20 million in Series B equity led by BlueOrchard Finance and FMO, and $10 million in debt financing from Stanbic Bank Ghana and Growth Investment Partners. The latest raise matches Fido’s 2022 Series A, bringing total funding to $68 million.

Founded in 2014, Fido uses its AI-powered Fido Score to assess credit risk and fraud detection, providing instant loans through its mobile app to over one million customers in Ghana and Uganda. CEO Alon Eitan said the funding will help Fido expand its digital lending, savings, and insurance services into new African markets, advancing financial inclusion for the unbanked.