Initially launched in 2015 by three Israeli entrepreneurs — Nadav Topolski, Tomer Edry and Nir Zepkowitz — to offer loans over mobile phones, Fido has over the years introduced other products, including savings, bill payments and smartphone financing, to grow its revenue streams.
The fintech is among a sizable number of companies in the African digital lending space, including venture-backed Branch and Tala, that are tapping mobile technology and alternative data sources, like mobile money transaction histories, to offer instant micro-loans to individuals and small businesses that are often unable to access credit from formal banking institutions.