Kredete Secures $22M Series A to Empower African Immigrants Through Credit Building
Fintech startup Kredete, aiming to revolutionize financial access for African immigrants, has successfully closed a $22 million Series A funding round. The investment was spearheaded by AfricInvest, through their Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with notable participation from Partech and Polymorphic Capital. This latest injection of capital brings Kredete’s total funding to $24.75 million, positioning them for significant expansion.
Expanding Financial Inclusion Globally
Founded in 2023 by experienced entrepreneur Adeola Adedewe, Kredete addresses the challenges African immigrants face in building credit and accessing financial services. The company’s innovative platform combines international money transfers to over 30 African countries with a unique credit-building engine, leveraging stablecoin payments and a responsible remittance infrastructure. This allows users to not only send money home but also simultaneously improve their credit history in the U.S. and other regions. With the new funding, Kredete plans to extend its reach into Canada, the United Kingdom, and strategically important European markets, further solidifying its commitment to financial inclusion for the African diaspora.
Kredete’s solution offers a compelling approach to bridging the financial gap for a often-underserved demographic. By linking remittances with credit building, they are providing a tangible benefit that extends beyond simple money transfers, fostering financial stability and empowerment for African immigrants worldwide.
Keywords
Related Keywords: Kredete, Series A, funding, 22M, credit, fintech, expansion, investment, venture capital, startup
