The investment, 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.

Founded in 2015, Fido has been leading the way in providing accessible credit to individuals and businesses in Ghana and Uganda.

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

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

This expansion aligns with the company’s mission to support underserved communities, particularly those at the bottom of the pyramid.

MASSIF’s 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.

Fido’s successful Series B funding underscores the growing demand for accessible and inclusive financial services in Africa.

As the company continues to expand its reach and impact, it is poised to play a vital role in driving economic development and empowering individuals and businesses across the continent.