Kredete, a New York-based fintech start-up specialising in financial services for African immigrants in North America, has raised $22 million in a Series A funding round.
Tunisian VC AfricInvest led the round through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, with additional support from Partech and Polymorphic Capital.
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 US.
Now boasting $24.75 million in total funding, including a $2.25 million seed raise led by Blockchain Founders Fund in October 2024, Kredete states that it will now seek to expand its operations into Canada, the UK, and “key European markets”.
Founded by CEO Adeola Adedewe in 2023, the company also offers API-based infrastructure which uses stablecoin rails to help businesses make cross-border payments into Africa. The start-up now registers over 700,000 users each month, and working with about 1,200 lending partners, has facilitated $500 million in remittances since launch.
Alongside its plans for international expansion, Kredete also aims to introduce a new series of product features following its latest fundraise. These are to include tools for rent reporting, credit-linked savings plans, goal-based loans, and what the company describes as “Africa’s first stablecoin-backed credit card”.
Kredete plans to roll out this credit card offering to users in 41+ African countries, and is gearing up to launch by also introducing interest-bearing USD and EUR accounts. A timeline for these developments has not been disclosed by the company.
“We’re building a system that rewards financial responsibility across borders,” comments Adedewe. “This raise is about scaling that infrastructure globally, and making sure that the millions of Africans abroad are finally seen, scored, and served.”
Source: https://www.fintechfutures.com/
