African fintech Kredete has raised a $22 million Series A funding round to expand presence into Canada, United Kingdom, and key European markets.
The funding round was led by AfricInvest through their Cathay AfricInvest Innovation Fund, and Financial Inclusion Vehicle, alongside, Partech with participation from Polymorphic Capital.
This latest round, brings Kredete’s total funding to $24.75 million.
The Kredete platform is aimed at African immigrants in the diaspora, facilitating international money transfers to Africa and builds credit in their new country.
Kredete's stablecoin technology also enables users to send money, receive direct deposits, spend with a virtual USD Visa card, and improve their financial identity and credit scores.
It also provides a B2B API to businesses and is growing into credit-building products such as a stablecoin-backed credit card.
Khaled Ben Jilani, senior partner at AfricInvest said the fintech has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa.
“It is one of those extremely rare start-ups that has managed to solve several problems at once—both for its African consumer clients, as well as for the large payments companies operating in Africa.”
Lewam Kefela, principal at Partech, stated that Adeola Adedewe, founder and CEO of Kredete, and his team are pushing disruptive innovation in remittance and cross-border payment infrastructure.
Adedewe added: “Our vision is simple: if you support your family financially, that should count toward your creditworthiness.
We are building a system that rewards financial responsibility across borders. This raise is about scaling that infrastructure globally — and making sure that the millions of Africans abroad are finally seen, scored, and served.”
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