Kredete, a fintech platform dedicated to serving African immigrants, has secured $2.25 million in seed funding, led by Blockchain Founders Fund. The company leverages blockchain technology to enable African immigrants to build credit and send money home with low fees, addressing significant financial integration challenges for immigrants.
Since its launch, Kredete has rapidly grown to over 300,000 users and facilitated more than $100 million in transactions. The funding round was supported by influential investors such as Techstars, Tezos Foundation, and Polymorphic Capital, as well as firms like Launch Africa, Neer Venture Partners, and DNA Fund.
The platform allows African immigrants to send money across over 20 countries with minimal fees, while also helping them build a credit history in their new countries. This dual benefit system has been praised for its practical application of blockchain technology, making a real difference in the lives of African immigrants.
With impressive growth and operational excellence, Kredete has increased users’ credit scores by an average of 23 points within six months of usage. The team behind Kredete’s success includes key members like CTO Hakeem Oriola, Chief Product Officer Ebuka Arinze, and Customer Experience lead Fey Sowunmi.
Looking ahead, Kredete plans to expand its services to all African countries and launch more financial products tailored to the needs of African immigrants, such as credit cards, auto loans, and mortgage loans. Founder and CEO Adeola Adedewe, a first-generation African immigrant himself, envisions Kredete as a gateway to financial inclusion for African immigrants in the diaspora.
With its innovative use of crypto rails and stablecoin to reduce transfer fees, Kredete aims to become a key financial service provider for African immigrants in North America, offering them vital tools to build credit and manage their finances effectively in their new homes.
