Kredete, a Nigerian financial software platform has raised US$2.25 million in seed funding to help it further scale across the continent. Having already built a presence in up to 20 African countries, Kredete is focused on enabling African Immigrants to builf credit scores and send money back home. Kredete was founded in 2023 with the aim of allowing users send money to over 20 countries with low fees.
Moreover, the platform was designed to ensure that each transaction contributes to their credit score in the 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 it launched in 2023, 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.This highlights 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.
As a 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.
“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.”
Kredete’s leadership team plays a crucial role in its success. Adeola Adedewe, Founder and CEO of Kredete, emphasizes that the platform’s primary goal is to empower users to build a secure financial future, regardless of where they are migrating. Hakeem Oriola, the Chief Technology Officer, leads all engineering efforts, ensuring the platform’s technological foundation is robust and scalable.
Chief Product Officer Ebuka Arinze drives product strategy and innovation, focusing on delivering cutting-edge financial solutions tailored for African immigrants. Fey Sowunmi, head of the Customer Experience team, ensures that every user interaction is seamless and intuitive, upholding Kredete’s commitment to exceptional service.
Kredete’s use of stablecoins significantly reduces transfer fees to less than a dollar, distinguishing it from traditional remittance services. This cost efficiency makes Kredete an attractive option for African immigrants seeking affordable and reliable money transfer services.
As Kredete continues to grow, it is poised to become a key financial service provider for African immigrants moving to North America. By simplifying the process of building credit and managing financial lives, Kredete is contributing to a more inclusive and equitable financial future.
