Fido raises $30 million in series-A financing
Fido, a renowned fintech firm whose objective is to empower individuals and innovators to achieve financial freedom, has completed a $30 million series-A financing led by Fortissimo Capital, with involvement from Yard Ventures, Harvard alumni’s venture capital fund, and additional private investors.
This gives the total funding raised by the firm to $38 million. The investments would be used to release new category-creating financial products in Ghana, expand the company’s sales across Africa, and open a tech center in Accra to prepare engineers for more significant software development.
“We are building a new culture of money in Africa by making financial services instant and accessible. This is not only about making financial services accessible but also about making them better: instant, simple, and transparent. We’re proud of what we are building and grateful to have such a talented team and experienced group of investors backing our vision. We are just getting started.”Alon Eitan, CEO of Fido.
Fido disrupts the industry by automating the customer journey, from onboarding to credit analysis and even providing financial advice. Its autonomous banking platform and proprietary machine learning-risk models enable instant credit decisions for customers with no economic history while lowering operational costs. Fido’s independent banking system uses mission-critical, real-time machine learning models for risk scoring and fraud detection based on non-financial data to approve or reject a loan in real-time while also delivering market-leading default rates. The B2C mobile application is fast, data-driven, low latency, and built on a distributed cloud architecture, allowing unbanked regions more significant access to financial services.