BlueOrchard-managed InsuResilience Private Equity strategy backs Fido
BlueOrchard-managed InsuResilience Private Equity strategy backs Fido
The InsuResilience Investment Fund Private Equity II has closed an investment into Fido, a digital financial services platform.
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The BlueOrchard-managed InsuResilience Investment Fund Private Equity II (IIF II) recently closed an investment into Fido, a digital financial services platform offering credit to individuals and MSMEs in Ghana and Uganda.
The investment is part of a $20 million funding round that included Dutch development finance institution FMO.
Fido offers instant credit through a digital app that uses AI-based proprietary credit scoring, offering access to financial products for underserved individuals and MSMEs in Ghana and Uganda.
Fido has reached more than one million clients.
Building upon the achievements of its predecessor strategy, IIF II places significant focus on leveraging technology along the value chain to enhance the affordability and accessibility of climate insurance, extending technical assistance and premium support to partner companies, with the goal of fostering climate change adaptation in regions most affected by climate change.
“Fido is at the forefront of driving financial inclusion through their platform that uses artificial intelligence and proprietary credit scoring. Their fully digital capabilities allow them to serve a part of the market that has historically been neglected and remains highly underpenetrated. The Fido team has extensive experience in technology and scaling start-ups and is strongly aligned with our mission. We are excited to partner with them to help grow their business,” said Richard Hardy, private equity investment director for Africa at BlueOrchard.
“Receiving this investment from FMO and the BlueOrchard-managed climate insurance private equity fund is a testament to the strength of our business, the exceptional capability of our team, and the tremendous market opportunity that lies ahead. With the support of FMO and the fund, who bring unparalleled knowledge of the market and our industry, we are well-positioned to accelerate our growth trajectory, deepen our market penetration across Africa, and solidify our position as an industry leader,” commented Alon Eitan, CEO of Fido.
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