FidoThe Series A funding for a fintech startup that focuses on Africa was $30M.
Fortissimo Capital was the leader of the round, with Yard Ventures joining in.
The company, which has raised $38million thus far, plans to use the money to launch new financial products for Ghana, expand its customer base across Africa, and set up a tech centre in Accra to teach software engineers higher levels.
Fido, headed by Alon Eitan (CEO), is a fintech firm whose mission it is to provide essential financial services to the unbanked. The company has built a credit risk platform that makes instant credit decisions without requiring the customer’s credit history. Its unique machine learning-risk model and autonomous banking platform allow for instant credit decisions, even for customers who have no financial record. It also helps to reduce operational expenses. The autonomous banking system utilizes real-time machine learning models that detect fraud and risk scoring, which are based on nonfinancial data. This allows customers to instantly approve or decline loans and also delivers market-leading default rate.
Fido plans to launch savings and payments products in some markets later in the year. Fido will increase its tech team in Tel Aviv to support the launch and create a tech hub Accra in Accra in order to attract and develop local talent.
The company is led by a seasoned team of creative entrepreneurs and AI veterans, that include CEO Alon Eitan, CTO Guy Shaked, and CCO Kelvin Abdallah, who joined co-founder Nadav Topolski in mid-2021 to triple revenues over the past year. The company now has 60 employees, including data scientists, engineers and financiers. It has also underwritten 1.5 million loans to over 340,000 customers, at a total value of more than $150 million.