On a mission to provide financial services to the unbanked in Africa, our portfolio company Fido has just raised $20 million in Series B funding from large global financial institutions to accelerate its expansion across the continent.
Since our initial investment in 2022, Fido has transformed the way in which millions of users across Africa manage their finances. Built on advanced technology and unique machine learning algorithms, Fido’s platform offers fast and easy access to credit, savings, billing, and personalized insurance.
The ‘Fido Score,’ a mission-critical real-time AI model recognized as one of the most effective in Africa, enables precise risk assessment and fraud detection. This empowers users to access larger credit amounts, improved terms, and a range of innovative financial products. By integrating both alternative and conventional financial data, Fido delivers secure and reliable financial services that serve a part of the market that has historically been neglected and remains highly underpenetrated.
“We are incredibly proud of Fido’s exceptional journey and their transformative impact on financial services across Africa,” says Fortissimo’s Reut Fishler. “Fido’s progress reaffirms our belief in their mission and solidifies their position as a leading innovator in the fintech sector.”
With this new investment, Fido is well-positioned to significantly deepen its market penetration across Africa, unlocking the vast potential of over half a billion underserved individuals and businesses. This capital infusion will enable Fido to further accelerate its growth trajectory, expand its reach and solidify its leading position across the continent.
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