Nigerian fintech company Kredete, focused on helping African immigrants build credit and access financial services, has raised $22 million in funding to expand into European markets.
Funding and Expansion Plans
Kredete raised $22 million in a Series A funding round led by AfricInvest through its Cathay AfricInvest Innovation Fund and Financial Inclusion Vehicle. The funds will support strategic expansion into new territories, including Canada, the United Kingdom, and key European markets. The total investments in the company now amount to nearly $25 million.
Kredete's Innovative Technologies
Founded in 2023, Kredete offers a unique platform linking remittances with a credit-building engine. Users can send money to over 30 African countries while improving their credit history in their country of residence, such as the U.S. The company has facilitated $500 million in remittances and helped users raise their U.S. credit scores by an average of 58 points. Kredete plans to launch Africa's first stablecoin-backed credit card and introduce new features like rent reporting and goal-based loans.
Investor and CEO Commentary
Founder and CEO Adeola Adedewe shared his vision for the company: "If you support your family financially, that should count toward your creditworthiness." Investors expressed confidence in Kredete's unique proposition. Khaled Ben Jilani, Senior Partner at AfricInvest, highlighted the company's ability to solve multiple problems simultaneously for both consumers and payment operators.
Kredete is making significant strides in financial technology, providing innovative solutions for the African diaspora and expanding opportunities in financial services, indicating growing investor interest in this segment.
