Kredete, a Nigerian fintech that helps African immigrants build credit and access financial services, has raised $22 million in Series A funding to launch Africa’s first stablecoin-backed credit card and expand its credit-building infrastructure across multiple markets.
The round was led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. This brings Kredete’s total funding to $24.75 million since its founding in 2023 and will also finance the company’s expansion into Canada, the UK, and key European markets. It follows a $2.25 million seed round in August 2024 led by Blockchain Founders Fund, with backing from Techstars, Tezos Foundation, Launch Africa, and others.
Kredete’s new product is designed to help Africans abroad build credit while sending money home. By linking everyday financial activity, from remittances to rent payments, to a credit score, the company aims to close the gap that leaves many immigrants locked out of loans, mortgages, and other financial services in countries like the US, Canada, and the UK.
Founded in 2023 by Adeola Adedewe, Kredete combines international money transfers with a proprietary credit-building engine. The platform allows users to send money to over 30 African countries while improving their credit history abroad.
The stablecoin-backed card, set to roll out in more than 41 African countries, will enable users to spend globally, build credit, and avoid costly foreign exchange fees. Kredete is also introducing tools to help immigrants with little or no credit history save, borrow responsibly, and protect their earnings, including rent reporting, credit-linked savings, and access to foreign currency accounts to hedge against local currency volatility.
Beyond consumer products, Kredete has built an API-based infrastructure for businesses to make secure, real-time cross-border payments into Africa. It is also developing what it calls the continent’s largest aggregation layer of banks and wallets, designed to make payouts cheaper and faster while giving businesses a single API to move money efficiently.
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” said Adedewe, Kredete’s founder and CEO. “This raise is about scaling that infrastructure globally and making sure that millions of Africans abroad are finally seen, scored, and served.”
Khaled Ben Jilani, Senior Partner at AfricInvest, said Kredete was solving complex problems for both consumers and payment operators. “Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa. It is one of those rare startups solving challenges for both sides of the ecosystem.”
Since its launch, Kredete says it has reached more than 700,000 monthly users, facilitated $500 million in remittances, and helped raise users’ U.S. credit scores by an average of 58 points.
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