MICROCAPITAL BRIEF: Fido of Ghana Attracts $30m Equity Package Led by Fortissimo to Expand Fintech in Africa

Ghana’s Fido Micro Credit, with the aim of expanding across Africa, recently obtained USD 30 million in Series A funding. Israel’s Fortissimo Capital led the funding round, while US-based Yard Ventures also participated, along with other unspecified private investors. Fido previously had raised USD 8 million in equity.

The firm aims to employ its fresh capital to build a training center in the city of Accra for its information technology staff, broaden the range of financial services it offers in Ghana and expand across Africa.

Through its app, Fido extends microloans to individuals as well as micro-, small and medium-sized enterprises. Each loan carries a maximum interest rate of 0.266 percent per day plus a processing fee of undisclosed size. As of 2022, the firm has 60 employees in Ghana and Israel and has dispensed loans totaling approximately USD 150 million to about 340,000 customers since its inception in 2013.

Founded in 2004, Fortissimo is a private equity investor with USD 1.6 billion under management, primarily placed in the industrial and technology sectors.

Founded in 2016, Yard Ventures is an investment fund through which graduates of US-based Harvard University invest in companies led by their fellow alumni. The fund has approximately 105 portfolio companies and 750 investors.

By Hasnat Aslam, Research Associate

Sources and Additional Resources

Fintech Futures article
https://www.fintechfutures.com/2022/06/ghanas-fido-raises-30m-series-a-to-broaden-financial-inclusion-in-africa/

Fido homepage
https://www.fidocredit.com

Fido’s app on play store
https://play.google.com/store/apps/details?id=com.fidocredit&gl=gh

Fortissimo homepage
http://www.ffcapital.com

Alumni Ventures profile of Yard Ventures
https://www.av.vc/funds/yard

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