TLDR
- Kredete, a fintech focused on helping African immigrants build credit and access financial services, has raised $22 million in a Series A round
- The raise was led by AfricInvest through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, with participation from Partech and Polymorphic Capital
- The company will use the capital to expand into Canada, the United Kingdom, and European markets
Kredete, a fintech focused on helping African immigrants build credit and access financial services, has raised $22 million in a Series A round.
The raise was led by AfricInvest through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, with participation from Partech and Polymorphic Capital.
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The latest round brings Kredete’s total funding to $24.75 million. The company will use the capital to expand into Canada, the United Kingdom, and European markets.
Founded in 2023 by Adeola Adedewe, Kredete links remittances with a proprietary credit-building engine. Users can send money to over 30 African countries while improving their credit history in the U.S. and abroad. Kredete has also built an API for businesses to make cross-border payments into Africa using stablecoin rails.
Kredete says it has reached 700,000 monthly users, processed $500 million in remittances, and improved U.S. credit scores by an average of 58 points.
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Key Takeaways
Kredete’s model reflects a broader shift in financial services for the African diaspora. Remittances to Sub-Saharan Africa topped $54 billion in 2023, according to the World Bank, making it one of the region’s largest sources of foreign exchange. Yet most immigrants remain excluded from credit systems in host countries, limiting their ability to access affordable loans, mortgages, or savings products. Kredete aims to bridge that gap by linking financial responsibility abroad to credit scoring at home and overseas. The company is rolling out Africa’s first stablecoin-backed credit card across 41 countries, alongside rent reporting, savings-linked credit, and goal-based loans. On the infrastructure side, Kredete is aggregating banks and wallets to give businesses a single API for payouts into Africa, addressing a long-standing bottleneck in remittance corridors. The expansion into Canada, the U.K., and Europe positions Kredete to capture a growing diaspora market while building a credit system that crosses borders.