Nigeria’s Kredete raised $2.25 M Seed funding to support African immigrants
Nigeria’s Kredete, a financial software platform that helps African immigrants establish credit histories and remit funds home, has secured US $2.25 million in seed money to support its expansion throughout the continent. Kredete has already established itself in 20 African nations.
Established in 2023, Kredete facilitates low-cost international money transfers to over 20 countries, with each transaction boosting the recipient’s credit score upon arrival. Using blockchain technology, this innovative method offers a seamless, cost-effective solution that assists users in establishing a solid financial foundation in their new residence.
Since going live, the startup has grown quickly; today, it has over 300,000 users and over $100 million in transaction volume.
Leading investors including Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, and DNA Fund participated in Kredete’s US$2.25 million seed round, which was led by Blockchain Founders Fund. Additional contributions to the round came from angel investors who have supported profitable payment businesses like Western Union and Wise.
The startup now intends to expand beyond the 20 countries where it is currently available and scale its money transfer services to all of Africa. Credit cards, auto loans, and mortgage loans are among the other financial products that will be introduced and especially designed for African immigrants and their descendants. Kredete wants to create a comprehensive financial ecosystem that will support African immigrants in navigating and thriving in their new financial environments by catering to their specific needs over the long run.
“Kredete is more than just a remittance service; it’s a gateway to financial inclusion for African immigrants in the diaspora,” said Adeola Adedewe, founder and CEO of Kredete. “Our goal is to empower our users to build a secure financial future, no matter where they are migrating into.”
