Kredete, a financial software platform in Nigeria that helps African immigrants earn credit ratings and send money home, has secured $2.25 million in seed funding to help it expand throughout the continent, having already established a presence in 20 African countries.
Blockchain Founders Fund led the seed funding round, which also included Techstars, the Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, and DNA Fund. Angel investors who have supported profitable payment businesses like Wise and Western Union also contributed to the round.
Kredete, which was founded in 2023, offers low-cost international money transfers to over 20 nations, with each transaction improving the recipient’s credit score in the recipient nation. This innovative method makes use of blockchain technology to provide a seamless, cost-effective solution that aids consumers in establishing a solid financial foundation in their new residence.
The startup has grown quickly since its introduction; today, it has over 300,000 users and over $100 million in transaction volume. Within six months of utilising the platform, users’ credit ratings increased by an average of 23 points, demonstrating the program’s influence on financial inclusion.
Adeola Adedewe, the founder and CEO of Kredete, stated,“Kredete is more than just a remittance service; it’s a gateway to financial inclusion for African immigrants in the diaspora, our goal is to empower our users to build a secure financial future, no matter where they are migrating into.”
The business now intends to expand its money transfer services beyond the 20 countries it presently serves to all of Africa. It will also launch new financial products including credit cards, auto loans, and mortgage loans that are designed especially for African immigrants throughout the diaspora. In the long run, Kredete wants to create a holistic financial ecosystem that caters to the particular requirements of African immigrants and enables them to prosper in their new financial settings.
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