Kredete, a fintech startup dedicated to assisting African immigrants in building credit and accessing financial services, has raised $22 million in a Series A funding round. The investment was led by AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. This funding brings Kredete’s total capital raised to $24.75 millionsince its inception in 2023.
Kredete offers a unique platform that combines international money transfers with a proprietary credit-building engine. This integration allows users to send money to over 30 African countries while simultaneously improving their credit history in the U.S., Canada, the UK, and select European markets. The platform also provides businesses with API-based infrastructure to facilitate secure and affordable cross-border payments into Africa, leveraging modern payment rails and stablecoin technology.
The recent funding will enable Kredete to expand its operations into Canada, the United Kingdom, and key European markets. Additionally, the company plans to introduce new features, including:
- Rent Reporting: Allowing users to build credit through timely rent payments.
- Credit-Linked Savings Plans: Enabling users to save while improving their credit scores.
- Goal-Based Loans: Offering loans tailored to users’ financial objectives.
- Stablecoin-Backed Credit Card: Africa’s first credit card backed by stablecoins, usable in over 40 African countries.
These initiatives aim to address the challenges faced by immigrants with limited or no credit history, providing them with the tools to establish and enhance their creditworthiness.
Adeola Adedewe, Founder and CEO of Kredete, stated:
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness. We’re building a system that rewards financial responsibility across borders. This raise is about scaling that infrastructure globally — and making sure that the millions of Africans abroad are finally seen, scored, and served.”
Lewam Kefela, Principal at Partech, commented:
“Adeola and his team are driving transformative innovation in remittance and cross-border payment infrastructure. We’re excited about how their work is enabling better financial services for the African diaspora and unlocking broader opportunities across the ecosystem. We are thrilled to partner with Kredete on this journey.”
Founded in 2023 by serial entrepreneur Adeola Adedewe, Kredete is a fintech company focused on helping African immigrants build credit and access financial services. The company’s platform combines international money transfers with a proprietary credit-building engine, enabling users to send money to over 30 African countries while improving their credit history in the U.S. and beyond.
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