Kredete has successfully raised $22 million to assist African immigrants in North America and Europe in building credit and sending remittances through stablecoin payments.
AfricInvest, through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle, along with Partech and Polymorphic Capital, participated in this funding round.
Founded in 2023 by serial entrepreneur Adeola Adedewe, Kredete merges international money transfers with a unique credit-building engine. This allows users to send money to over 30 African countries while also enhancing their credit history in the US and beyond.
The company has developed an API-based infrastructure designed to facilitate secure cross-border payments into Africa, utilizing modern payment systems and stablecoin technology.
With this funding, Kredete aims to expand into Canada, the UK, and key European markets, while also introducing new features, such as rent reporting, credit-linked savings plans, and goal-oriented loans.
Central to this expansion is Africa’s first stablecoin-backed credit card, which will launch in over 41 countries, enabling users to spend, build credit, and avoid foreign exchange fees. Additionally, users will have access to interest-bearing USD and EUR accounts to help preserve value and protect against local currency fluctuations.
“We’re building a system that rewards financial responsibility across borders. This funding is focused on scaling our infrastructure globally and ensuring that millions of Africans abroad are finally recognized, scored, and served,” says Adedewe.