Kredete, a Nigerian fintech company focused on helping African immigrants build credit and access financial services, has secured a $22 million Series A funding round to fuel its expansion into European markets. The round was led by AfricInvest via its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital.
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The new funding, which brings the company’s total capital to nearly $25 million, is specifically earmarked for a strategic expansion into new territories, including Canada, the United Kingdom, and key European markets.
The company’s core mission is to empower African immigrants by linking remittances with a proprietary credit-building engine, helping them to access crucial financial services and build credit scores abroad.
Kredete’s expansion and innovative mission
Founded in 2023 by CEO Adeola Adedewe, Kredete was built with a clear vision to make a user’s financial responsibility count, no matter where they are in the world. The company’s platform uniquely combines stablecoin-powered remittance with a proprietary credit-building engine.
This allows users to send money to over 30 African countries while improving their credit histories in their country of residence, like the U.S.
Until now, the company has seen impressive results, having facilitated $500 million in remittances and helped its users raise their U.S. credit scores by an average of 58 points. This mission aligns directly with the UN Sustainable Development Goals for Decent Work and Economic Growth and Reduced Inequalities, aiming to serve a global community that has often been excluded from traditional financial systems.
This latest funding round will power Kredete’s ambitious growth plans as the company is set to launch Africa’s first stablecoin-backed credit card, which will roll out across more than 41 countries. This card will enable users to spend seamlessly, build credit, and avoid costly foreign exchange fees.
Kredete is also introducing new features designed for immigrants with limited or no credit history, including rent reporting, credit-linked savings, and goal-based loans. On the business side, Kredete is building a massive API-based infrastructure to provide a single platform for companies to make secure and affordable cross-border payments into Africa in real-time.
Investors and CEO commentary
The successful funding round is a clear sign of investor confidence in Kredete’s unique value proposition. In a statement, Kredete’s Founder and CEO, Adeola Adedewe, explained his vision for the company.
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” he said. “We’re 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.”
Investors echoed this sentiment, validating the company’s innovative approach. Khaled Ben Jilani, Senior Partner at AfricInvest, praised the company for its ability to solve multiple problems at once for both consumers and large payment operators.
He stated that Kredete 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.”
Similarly, Lewam Kefela, Principal at Partech, commented on the investment, saying, “We’re excited about how their work is enabling better financial services for the African diaspora and unlocking broader opportunities across the ecosystem. We are thrilled to partner with Kredete on this journey.”
