Kredete, a fintech company dedicated to empowering African immigrants through credit-building and financial access, has successfully raised $22 million in a Series A financing round.
Led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with backing from Partech and Polymorphic Capital, this latest funding will enable Kredete to extend its reach into Canada, the United Kingdom, and key European markets.
Founded in 2023 by serial entrepreneur Adeola Adedewe, Kredete has rapidly developed a proprietary credit-enhancing platform that integrates stablecoin-backed transactions with international remittances. The platform allows users to send money to more than 30 African countries while simultaneously improving their credit profiles in the U.S. and elsewhere. Additionally, Kredete has created an API-driven infrastructure that supports businesses in making secure and cost-efficient cross-border payments to Africa using modern payment technologies.
This new capital infusion will facilitate the rollout of innovative features designed specifically for immigrants with limited or no formal credit history. Enhancements include rent payment reporting, credit-linked savings plans, and targeted, responsible lending options. Central to this expansion is the introduction of Africa’s first stablecoin-backed credit card, which will be available in over 41 African countries. This card aims to provide seamless spending, credit building, and the avoidance of expensive foreign exchange fees. Complementary offerings such as interest-bearing USD and EUR accounts will empower Africans worldwide to protect their wealth, earn returns, and mitigate currency volatility risks.
Moreover, Kredete is developing the continent’s largest unified aggregation layer of banks and wallets. This infrastructure offers businesses a single API to perform secure, real-time, and affordable payouts throughout Africa. By building this foundation, Kredete aims to revolutionize cross-border finance, enabling African diaspora members everywhere to send, spend, save, and enhance their credit scores on one comprehensive platform.
Aligned with the United Nations Sustainable Development Goals, particularly Decent Work and Economic Growth (SDG 8) and Reduced Inequalities (SDG 10), Kredete has achieved significant milestones since launching. It now serves over 700,000 monthly users, has facilitated $500 million in remittances, and has helped raise customers’ U.S. credit scores by an average of 58 points.
