Ghana’s Fido raises $30 million in debt and equity to extend AI-powered lending services across Africa

Fido, a Ghanaian fintech, secured $30 million in debt and equity funding to expand its digital lending services across Africa.
The raise includes a $20 million Series B led by BlueOrchard Finance and Dutch development bank FMO, along with $10 million in debt from Stanbic Bank Ghana and Growth Investment Partners.
This funding matches the $30 million from its 2022 Series A and brings its total raised to $68 million.
Founded in 2014, Fido operates a mobile app providing instant credit loans in Ghana and Uganda, using its AI-powered Fido Score to assess credit risk and detect fraud.
Fido has distributed $500 million in credit to over 1 million customers and offers additional services like savings accounts, mobile phone financing, and bill payments.
The funds will support Fido’s mission of making financial services accessible to the unbanked, expanding into new markets, and enhancing product offerings, including small business loans, savings, and personalized insurance.