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.

With the investment, YoLa Fresh aims to enhance the efficiency and sustainability of agricultural operations by leveraging advanced technology.

Leading the funding round was Al Mada Ventures, supported by other investors including Algebra Ventures, E3 Capital, Janngo Capital, and the Dutch Entrepreneurial Development Bank (FMO). These investors recognize the huge prospects of YoLa Fresh to address growing challenges in the agricultural sector.

Co-founded by Larbi Alaoui Belghiti and Youssef Mamou, YoLa Fresh directly connects smallholder farmers with traditional retailers of fruits and vegetables. Through the elimination of intermediaries, the platform enables retailers to purchase produce at lower costs while ensuring farmers receive higher profits quickly. 

This direct connection also helps synchronize supply and demand, reducing food waste and improving overall efficiency.

YoLa Fresh’s platform employs data analytics, machine learning, and AI to create predictive algorithms for demand and supply, pricing dynamics, and other variables in the highly perishable produce supply chain. The technology simplifies the supply chain and also offers visibility into harvests and access to financing for farmers.

Larbi Alaoui Belghiti, with a background in leading tech ventures such as Jumia Express Logistics and Avito.ma, brings a wealth of experience to YoLa Fresh. Youssef Mamou, former CEO of Careem North Africa and managing partner at 212 Founders, complements this with his expertise in tech-driven business solutions.

Within its first year, YoLa Fresh has established partnerships with over 1,000 retailers in Morocco and achieved a monthly gross merchandise volume (GMV) of up to $1 million. The company’s rapid growth and the proven effectiveness of its solutions have drawn investor interest.

The investment will be used to expand YoLa Fresh’s operations within Morocco and into other African markets. The company focuses on ensuring high-quality produce, reducing wastage, and providing financing opportunities for farmers. 

Its cash offering on delivery and working closely with farmers enables YoLa Fresh to capture more market share and improve unit economics.

YoLa Fresh also plans to leverage this funding to enhance its technology, expand its customer base, and prepare for broader market penetration. The startup projects an annualized top line of $40 million to $50 million by 2026, with plans to expand into sub-Saharan Africa, where competition includes companies like Vendease and Complete Farmer.

Omar Laalej, managing director at Al Mada Ventures, is confident in YoLa Fresh’s ability to deliver huge benefits to its customers in Morocco and across Africa. 

Tarek Assaad, managing partner at Algebra Ventures, noted the positive impact of tech solutions in the agricultural sector and YoLa Fresh’s unique position to lead this change.

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, and Stanbic Bank Kenya (“Stanbic”), a member of the Standard Bank Group, have made commitment to Sun King, a leading off-grid solar energy company, through a $130 million funding round and a joint $20 million working capital facility.

Targeting further expansion, Sun King is backed by prominent DFIs and commercial lenders, including Absa, BII, FMO, Norfund, Stanbic Bank Kenya, the Trade and Development Bank (TDB), and Citi.

These two complementary commitments will enable the purchase of more inventory such as solar home systems and solar lanterns, and facilitate customers’ access to new solar products via credit, securitised and funded by investors – catalysing company growth.

To date, Sun King has powered the lives of over 100 million people. These investments will accelerate Sun King’s ability to equip more Kenyan households and businesses with green, reliable and modern energy.

The entirely Kenyan-Shilling-denominated securitisation deal provides a $130 million capital boost to Kenya’s off-grid solar energy sector and leverages Sun King’s share of the market – extending access to pay-as-you-go solar home systems and energy efficient equipment for underserved customers across the country.

Approximately half of Sun King’s registered pay-as-you-go customers in Kenya are women, most of whom access formal financing products for the first time.

Providing an additional $20 million working capital facility to support Sun King, BII and Stanbic maximise the company’s capacity to deliver more high-quality affordable products to an underserved market with rising demand.

Sun King designs, distributes, installs and finances modern solar energy solutions for individuals, households and businesses who cannot access, rely on, or afford traditional electric grid connections.

In Kenya, three out of every ten Kenyans live without access to electricity. The facility will allow Kenyan households and businesses to transition to clean, reliable and affordable solar energy and appliances.

Growing with early-stage funding provided by DFIs, including BII, Sun King is the world’s largest off-grid solar energy company.

In 2022, the company closed a $330 million Series D equity round of funding, with participation from private equity investors General Atlantic, M&G and Leapfrog.

Over the years, as Sun King’s reach has expanded, BII and Stanbic Bank Kenya’s financing has evolved in tandem, adopting a flexible, patient, and long-term approach to lending.

Anish Thakkar, Co-Founder, Sun King said: “For many years, British International Investment and Stanbic have been invaluable partners in Sun King’s mission to equip underserved consumers with clean, renewable energy. Today, one in five Kenyans use Sun King products for light and power. British International Investment and Stanbic’s investment propels us forward, allowing Sun King to meet the ever-evolving energy demands of Kenyan customers and to better serve those overlooked by traditional energy systems.”

Geoffrey Manley, Head of Energy Access and Efficiency, BII, said: 

“Once again, we are proud to support Sun King and are delighted to participate in BII’s third funding round to the company. Alongside other investors, we reinforce our shared commitment to mobilise climate finance, boost energy access and improve the quality of life of Kenyan households. These complimentary commitments bring more solar home systems to those living with no or limited access to traditional energy sources – supplying energy efficient solutions while unlocking more commercial capital to advance the development of the market.”

Rentia van Tonder, Global Head of Power, Standard Bank said: 

“Africa is well positioned to benefit from the green economy, and we are proud to have partnered with Sun King to facilitate this landmark transaction. It is another demonstration of the Standard Bank Group’s ongoing commitment to drive sustainable growth in Africa’s renewable energy sector. Our clients are looking at transitioning to net zero and fast-tracking renewable energy as a key value proposition, and as such we have prioritised sustainable finance as a way to unlock growth across African economies. As the largest bank on the continent, we have the local knowledge and a good opportunity to play a leading role to realise the possibilities presented by Africa’s longer-term structural trends.”

The joint commitment contributes to several of the United Nations’ Sustainable Development Goals (SDGs), including Affordable and Clean Energy (SDG 7), Climate Action (SDG 13) Decent Work and Economic Growth (SDG 8), Social Inclusion (SDG 10) and qualifies as part of BII’s contribution to the 2X Challenge.

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