Ghana-based fintech Fido is now in search of additional growth avenues for its expansion across Africa. It is planning to add savings and payment products to its portfolio later this year, and to enter Uganda, its second market, as it prepares to expand to more regions across the continent. The fintech is also set to open its second research and development center in Ghana’s capital, Accra, which will augment its Israel branch, to help it automate most of its operations to ensure sustainability in the long term. The plans come against the backdrop of a $30 million equity investment and some undisclosed debt funding that the startup has just raised in a Series A round led by Israel-based private equity fund Fortissimo Capital, with participation from Yard Ventures: a VC fund by Harvard alumni. This brings the total equity investment raised to date to $38 million.
Founded by Nadav Topolski, Tomer Edry and Nir Zepkowitz, Fido gives mobile loans of up to $250 to individuals and small businesses. The loans are repayable through single or multiple installments for a period of up to six months.