Nigerian Fintech Raises $22M In Series A Round To Help African Immigrants Build Credit
Kredete, a Nigerian fintech company that helps African immigrants build credit, has raised $22 million in a series A funding round led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE). This latest round, which also had participation from Polymorphic Capital and Partech, brings Kredete’s total funding to $24.75 million, according to a press release.
The fund will help the company expand into Canada, the United Kingdom, and key European markets.
About Kredete
Serial entrepreneur Adeola Adedewe founded the company in 2023 with a mission to help African immigrants build credit and access better financial services through stablecoin payments and responsible remittance infrastructure.
Users can send money to more than 30 countries, whilst improving their credit history, as the company combines international money transfers with a proprietary credit-building engine. Kredete has also built an API-based infrastructure to help businesses make secure and affordable cross-border payments into Africa.
Making credit accessible for Africans
The company is introducing new features, including rent reporting, credit-linked savings plans, and responsible goal-based loans, to continue helping Africans build their credit. These features are designed for immigrants who have historically been excluded from traditional credit systems.
The new capital will enable the company to roll out its services across over 41 African countries, allowing users to spend seamlessly, build credit, and avoid costly foreign exchange fees. Another new feature includes the launch of interest-bearing USD and EUR accounts, allowing Africans to earn yield and hedge against local currency volatility.
Kredete is also building the continent’s largest aggregation layer of banks and wallets — giving businesses a single API to enable secure, real-time, and affordable payouts into Africa.
Image: Kredete
