FMO discloses $10m investment in FIDO

FIDO is a digital lender operating in Ghana and Uganda.

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Dutch development finance institution FMO has disclosed an approved $10 million equity investment in FIDO Solutions’ Series B capital raise.

FIDO is a digital lender operating in Ghana and Uganda. The company empowers individuals and small businesses by providing small tickets, short term credit and other financial products.

By leveraging technology, FIDO utilises alternative data and artificial intelligence (AI) to underwrite more than 650,000 customers.

The funding objective is to support FIDO’s loan book growth in Ghana and Uganda and to further expand into new African countries.

FIDO’s client base mostly consists of informal business owners who, in almost all instances, have never had access to finance due to a lack of a formal financial track record.

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