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June 22, 2022

Fintech startup Fido rakes in $30m to bolster presence in Africa

Ghana-based fintech startup Fido has closed a $30m series-A financing to further bolster its presence in Africa.

The funding round was led by Fortissimo Capital. Yard Ventures, the venture capital fund of Harvard alumni, and other private investors also participated.

With the latest fundraising, Fido has raised a total of $38m to date.

Fido will use the proceeds to introduce new products in Ghana as well as expand its customer base throughout Africa.

It also plans to set up a tech centre in the Ghanaian capital of Accra to train software engineers.

Fido CEO Alon Eitan said: “We are building a new culture of money in Africa by making financial services instant and accessible.

“We’re proud of what we are building and grateful to have such a talented team and experienced group of investors backing our vision. This is not only about making financial services accessible, but also about making them better: instant, simple, and transparent. We are just getting started.”

Fortissimo Capital partner Yochai Hacohen said: “We are truly impressed by the team’s ability to underwrite people instantly while delivering sustainable economics. This differentiates them from the other players in the space.

“Fido brings a genuinely differentiated offering that solves an enormous challenge by using disruptive technologies. Now world-class fintech technology is available to all, for mutual growth and shared prosperity.”

Fido seeks to make financial services accessible in unbanked regions.  Besides offering digital financial services, the startup aims to improve financial literacy among customers.

Earlier this month, credit agency startup Indicina raised $3m for African expansion.

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