June 23

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.

Photo courtesy of Micheile Henderson.

Source: Finextra (link opens in a new window)

Finance, Investing
financial inclusion, fintech, impact investing