Kredete has received a staggering $22 million in a Series A investment round to change how African immigrants establish credit outside and send money home. Nigerian fintech company Kredete has assisted more than 700,000 people in sending $500 million in remittances to more than 30 African nations since its establishment in 2023.
The company also improves users’ credit scores by an average of 58 points in the U.S. and other developed markets. This new funding will accelerate its expansion into Canada, the UK, and Europe, boosting financial access for immigrants who traditional banks have long underserved.
Expanding cross-border remittance and credit-building technology
The $22M Series A round led by AfricInvest’s Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, alongside Partech and Polymorphic Capital, backs Kredete’s mission to combine cross-border remittances with innovative credit-building tools. Kredete employs stablecoin technology to reduce transfer fees to under a dollar, a significant improvement over expensive and slow traditional routes. The website helps immigrants establish verified credit records in their new countries for loans, credit cards, and mortgages by submitting customers’ payment history to credit bureaus.
Introducing Africa’s first stablecoin-backed credit card
Kredete is also pioneering Africa’s first stablecoin-backed credit card, which launches in 41 African countries. CEO Adeola Adedewe explains, “Our vision is simple: if you support your family financially, that should count toward your creditworthiness.” The startup will offer rent reporting, savings-linked credit, and goal-based loans to users with weak or no credit. Businesses can use Kredete’s API to make secure, inexpensive payments into Africa using blockchain and stablecoin solutions to modernise financial infrastructure.
This round brings Kredete’s total funding to nearly $25 million. The company’s approach is already making waves in financial inclusion by connecting remittance flows directly with credit-building strategies, meeting a pressing need for millions of African immigrants worldwide.