Ghanaian fintech company Fido has successfully secured $10 million in Series B funding, marking a significant milestone in its mission to enhance financial inclusion across Africa. The investment was spearheaded by MASSIF, the financial inclusion fund managed by FMO, the Dutch entrepreneurial development bank. This fresh capital injection is poised to fuel Fido’s expansion plans, enabling the company to extend its reach and bolster its loan offerings to small and medium-sized enterprises (SMEs) across the continent.

Founded in 2015, Fido has been at the forefront of providing digital lending services, leveraging technology and alternative data to offer quick and accessible loans to over 650,000 customers. These services have been especially impactful in Ghana and Uganda, where the company has made significant strides in bridging the financial gap for individuals and businesses typically excluded from traditional banking systems.

The $10 million funding round will not only help Fido expand its loan book in existing markets but also pave the way for its entry into new African territories. This strategic growth is particularly critical as Fido aims to address the $331 billion SME finance gap that has long hindered economic progress in the region.

MASSIF’s investment in Fido underscores a shared commitment to financial inclusion, with a focus on empowering underserved communities. By supporting Fido’s innovative digital lending platform, MASSIF is contributing to the broader goal of democratizing access to financial services, ensuring that even those at the bottom of the economic pyramid can secure the credit they need to thrive.

This latest round of funding brings Fido’s total capital raised to $48 million, following a $30 million Series A round in 2022. With its strong track record and continued backing from investors, Fido is well-positioned to scale its operations and make a lasting impact on Africa’s financial landscape.