Africa-Focused Fintech Startup Fido Raises $30 Million
Fido, a leading fintech company whose mission is to empower individuals and entrepreneurs to reach financial freedom, announces the completion of a $30 million series-A financing led by Fortissimo Capital along with participation from Yard Ventures, the venture capital fund of Harvard alumni, and additional private investors.
This brings the company’s total funding to $38 million thus far. The additional funds will be used to launch new category-creating financial products in Ghana, grow the company’s customer base throughout Africa, and establish a tech center in Accra to train engineers for higher levels of software development.
Lack of access to financial services is a key constraint on the growth of entrepreneurship in Africa. The banking sector is complicated and bureaucratic, its processes are time-consuming and not very customer-friendly, so access to financial services remains beyond the reach of a significant segment of the population.