Ghanaian fintech, Fido, has successfully raised $10 million through a Series B round.

The investment, which was provided by MASSIF, a financial inclusion fund managed by the Dutch entrepreneurial development bank, FMO, will fuel the company’s expansion and further bridge the SME finance gap in Africa.

The funding will enable Fido to increase its loan book in existing markets and explore new African countries.

Fido was founded in 2015 in Ghana, a country that has seen the eruption of many alternatives to the banking system, with up to 70 such startups believed to be in operation.

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Fido only started in Uganda in 2022 on the backdrop of a  Series A that included a $30 million equity investment and some undisclosed debt funding.

To date, Fido has raised a total of $48 million.

Founded by Nadav Topolski, Tomer Edry and Nir Zepkowitz, Fido gives mobile loans of up to $250 to individuals and small businesses, the founders told Techcrunch 2 years ago. The loans are repayable through single or multiple installments for a period of up to six months.

By leveraging technology and alternative data, the platform has reportedly granted loans to over 650,000 customers who may not have a traditional financial track record.

Now, the company is set to expand to more African countries where it targets those at the bottom of the pyramid.

For MASSIF, the investment in Fido demonstrates its commitment to financial inclusion and the empowerment of micro, small, and medium-sized enterprises (MSMEs).

By partnering with Fido, MASSIF aims to address Africa’s $331 billion SME finance gap and provide innovative digital lending solutions to underserved populations.

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