Nigerian fintech startup Kredete has closed a substantial $22 million Series A funding round, marking a significant milestone in the cross-border payments and credit-building space for African immigrants worldwide. The round was led by prominent investors AfricInvest through their Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital.
Unprecedented Growth Trajectory
This latest funding brings Kredete’s total raised capital to $24.75 million since its founding just two years ago in 2023 by serial entrepreneur Adeola Adedewe. The company’s meteoric rise is evidenced by impressive metrics: over 700,000 monthly users, $500 million in remittances facilitated, and an average 58-point improvement in users’ U.S. credit scores.
Revolutionary Credit-Building Infrastructure
Kredete has positioned itself as a game-changer in the financial services landscape by combining international money transfers with proprietary credit-building technology. The platform enables African immigrants to send money to over 30 African countries while simultaneously improving their credit history in the U.S. and other developed markets.
The company’s innovative approach addresses a critical gap in traditional financial systems that have historically excluded thin-file or no-file immigrants from credit opportunities.
Ambitious Global Expansion Plans
The fresh capital will fuel Kredete’s aggressive expansion strategy, with immediate plans to enter Canada, the United Kingdom, and key European markets. This expansion comes at a crucial time as the African diaspora continues to grow and seek better financial services.
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” stated Adeola Adedewe, Founder and CEO of Kredete. “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.”
Cutting-Edge Product Innovations
Kredete is set to launch several groundbreaking features that could reshape the African fintech landscape:
Africa’s First Stablecoin-Backed Credit Card: Rolling out across 41+ African countries, this innovative product will enable users to spend seamlessly, build credit, and avoid costly foreign exchange fees.
Enhanced Credit-Building Tools: New features including rent reporting, credit-linked savings plans, and responsible goal-based loans designed specifically for underserved immigrant communities.
Multi-Currency Interest-Bearing Accounts: USD and EUR accounts that allow Africans globally to preserve value, earn yield, and hedge against local currency volatility.
Comprehensive API Infrastructure: Building the continent’s largest aggregation layer of banks and wallets, providing businesses with a single API for secure, real-time, and affordable payouts into Africa.
Strong Investor Confidence
The caliber of investors backing this round speaks to Kredete’s potential impact and scalability. Khaled Ben Jilani, Senior Partner at AfricInvest, praised the company’s unique approach: “Kredete 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.”
Lewam Kefela, Principal at Partech, emphasized the transformative nature of Kredete’s work: “Adeola and his team are driving transformative innovation in remittance and cross-border payment infrastructure. We’re excited about how their work is enabling better financial services for the African diaspora and unlocking broader opportunities across the ecosystem.”
Aligning with Global Development Goals
Kredete’s mission directly supports the United Nations Sustainable Development Goals, particularly SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities), positioning the company as both a profitable venture and a force for positive social impact.
Market Context and Timing
This funding round comes at a strategic time for African fintech, which despite global funding challenges, continues to attract significant investor interest. Nigerian startups alone maintained approximately $410 million in funding throughout 2024, demonstrating resilience in a challenging global funding environment.
Looking Ahead
With its innovative technology stack combining stablecoin payments, credit-building infrastructure, and comprehensive financial services, Kredete is well-positioned to capture a significant share of the growing cross-border payments market between the African diaspora and the continent.
The company’s focus on financial inclusion, combined with cutting-edge blockchain and fintech solutions, positions it at the forefront of the next wave of African fintech innovation. As Kredete prepares for its global expansion, it represents not just a business success story, but a potential catalyst for financial empowerment across the African diaspora.
