Symbiotics, the Switzerland-based impact investment platform, has invested $5.5 million in Ghanaian digital lender Fido, according to announcements made on Thursday. The capital, structured as a debt facility, is intended to expand Fido's artificial intelligence-driven lending operations within Ghana and support its entry into new markets across Africa.

The investment aligns with Symbiotics' focus on financing small and medium-sized enterprises and promoting financial inclusion in emerging markets. Fido, founded in 2015, uses proprietary AI models to assess creditworthiness for unbanked and underbanked customers in Ghana, offering instant loan decisions through its mobile app. The company has disbursed over $100 million in loans to more than 500,000 customers to date.

Fido's CEO, Alon Peretz, stated that the new funding would be used to deepen the company's reach in Ghana and accelerate its expansion strategy. "This investment from Symbiotics is a significant milestone for Fido," Peretz said. "It enables us to scale our AI-powered lending platform, bringing responsible credit to more Ghanaians while laying the groundwork for our next phase of growth across the continent."

The move comes as digital lenders across Africa increasingly leverage technology to serve populations traditionally excluded from formal banking. Ghana has seen a proliferation of mobile money and digital finance services, with the Bank of Ghana actively regulating the sector to foster innovation while ensuring consumer protection. Fido's model, which uses non-traditional data points for credit scoring, targets this growing segment.

Symbiotics' investment represents a vote of confidence in Ghana's fintech ecosystem and the broader potential for AI-driven financial services in Africa. The firm manages over $4.5 billion in assets across more than 100 emerging markets, with a significant portion dedicated to financial inclusion projects. A representative from Symbiotics highlighted the strategic fit, noting Fido's proven track record and technology-driven approach to addressing a critical market gap.

For Fido, the debt financing provides a capital infusion distinct from equity fundraising rounds, allowing it to extend its loan book without diluting existing ownership. The company had previously raised a $30 million Series A equity round in 2021, led by Israel-based Fortissimo Capital. The latest funds are expected to be deployed to enhance its AI algorithms, develop new product offerings, and establish operations in at least one additional African country within the next year.

The broader African fintech landscape continues to attract varied forms of investment, with debt facilities becoming a more common tool for scaling proven business models. As lenders like Fido expand, the focus remains on balancing growth with sustainable lending practices and navigating diverse regulatory environments across different jurisdictions.