The funding round was led by global impact investment manager BlueOrchard and Dutch entrepreneurial development bank FMO, with $20 million injected as equity. 

This capital infusion will help in achieving Fido’s mission to empower individuals and entrepreneurs across Africa by providing swift and accessible financial services through its innovative digital platform.

Founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido initially focused on offering loans via mobile phones. Over time, the fintech has diversified its product offerings, incorporating savings, bill payments, and smartphone financing. 

These additions have bolstered Fido’s revenue streams and strengthened its ability to compete in the African digital lending space, where it stands alongside other major players like Branch and Tala. 

Unlike traditional banks that require collateral and lengthy paperwork, Fido leverages mobile technology and alternative data sources to provide instant micro-loans to individuals and small businesses, particularly those overlooked by conventional financial institutions.

CEO Alon Eitan highlighted the important role that small businesses play in driving economies in sub-Saharan Africa, yet they often lack access to essential financial tools. 

Fido’s platform addresses this gap by offering loans ranging from $20 to $500 to individuals, with higher amounts available to businesses based on their needs and credit scores. 

These loans, which come with embedded insurance, are repayable within six months at interest rates between 7% and 12%. Fido’s default rate remains below 4%, thanks to its strong credit scoring system.

Fido is making an impact which goes beyond providing credit, it also encourages smart financial habits through its Fido Score, helping users build a digital financial identity. The fintech has served over a million customers across Ghana and Uganda, distributing more than $500 million in loans. 

Fido aims to surpass $1 billion in total disbursements by early next year, further expanding its reach and deepening its impact on African entrepreneurs and individuals striving to improve their financial well-being.

Through its digital actuary platform, Pula customizes insurance products to the specific needs of farmers and their partners. In embedding insurance premiums into farm input costs or credit packages, Pula ensures accessibility to even the most remote farmers. 

This approach has garnered support from global investors, with a recent $20 million series B funding led by BlueOrchard, aiming to expand partnerships and introduce livestock covers.

One of the fund’s focuses is to bolster its mission to empower agricultural communities and enhance resilience against climate-related risks.

In recent years, Pula has partnered with organizations like the World Food Programme (WFP) and various agricultural associations, to increase access to crop insurance, offering protection against risks and adverse weather conditions.

One of Pula’s successful collaborations has been with WFP in Kitui, Kenya, where the program has grown from insuring 1,000 farmers to approximately 10,000 over three years. 

The insurance payouts, totaling $766,000, have been essential in stabilizing household incomes during droughts and severe weather events, empowering farmers to invest in their families’ well-being and agricultural assets.

Expanding its reach beyond Kenya, Pula partnered with the Central Bank of Nigeria in 2020 to insure over half a million farmers for the wet season. This initiative, which included farmers from the National Cotton Association of Nigeria and Rice Farmers Association of Nigeria, supported agricultural communities across borders.

Pula’s impact is not just on financial compensation. Research conducted by the company indicates that agricultural insurance leads to increased investment in farms, improved yields, and higher household savings. With only 1% of small-scale farmers in Africa currently covered by insurance, Pula’s efforts are important in bridging this gap and empowering agricultural communities.

The company plans to introduce livestock covers in countries like Kenya following a successful pilot program in Nigeria. Additionally, Pula aims to further penetrate markets in Asia and Latin America, building on its success in enhancing the resilience of smallholder farmers worldwide.

Pula leverages historical data and digital tools to design affordable insurance plans that protect farmers against yield losses due to weather events, pests, and diseases.

The impact of Pula’s work is seen in the increased investment, yields, and savings reported by farmers using their products. Additionally, payouts from Pula’s partner insurers have reached over $40 million, directly benefiting close to 1 million farmers.