Nigeria’s financial software platform Kredete, which enables African immigrants to build credit scores and send money back home, has raised US$2.25 million in seed funding to help it further scale across the continent, having already built a presence in 20 African countries.
Kredete allows users to send money to over 20 countries with low fees, and each transaction contributes to their credit score in their new country. This unique approach leverages blockchain technology to create an affordable, seamless solution that helps users build a financial foundation in their new home.
Since launching, the startup has experienced rapid growth, with its user base surpassing 300,000 and transaction volumes exceeding US$100 million. On average, users have seen their credit scores increase by 23 points within six months of using the platform, highlighting its impact on financial inclusion.
Kredete’s US$2.25 million seed round was led by Blockchain Founders Fund, with participation from notable investors including Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, and DNA Fund. The round also included contributions from angel investors who have backed successful payment ventures like Wise and Western Union.
The startup now plans to scale its money transfer services to all African countries, expanding beyond the 20 currently available. It will also introduce additional financial products tailored specifically for African immigrants in the diaspora, including credit cards, auto loans, and mortgage loans. Long-term, Kredete aims to build a comprehensive financial ecosystem that meets the unique needs of African immigrants, helping them navigate and thrive in their new financial environments.
Adeola Adedewe, founder and CEO of Kredete said: “Kredete is more than just a remittance service; it’s a gateway to financial inclusion for African immigrants in the diaspora. Our goal is to empower our users to build a secure financial future, no matter where they are migrating into.”
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