Kredete, a financial software platform focused on helping African immigrants build credit and send money back home, announced it has raised $2.25 million in seed funding. This funding 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.
Kredete is addressing a significant gap in financial services for African immigrants who often struggle in building credit in their new countries while continuing to support their family back home. This platform enables 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 utilizes blockchain technology to create an affordable, seamless solution that helps users build a financial foundation in their new home.
Since launching, Kredete saw experienced rapid growth, with its user base surpassing 300,000 and transaction volumes surpassing $100 million. And on average, users have seen their credit scores increase by 23 points within 6 months of using the platform, highlighting the platform’s significant impact on financial inclusion.
Hakeem Oriola joined Kredete as CTO, where he oversees all engineering efforts, ensuring the platform’s technological foundation is both robust and scalable. Ebuka Arinze, the Chief Product Officer, drives the product strategy and innovation, focusing on delivering cutting-edge financial solutions tailored for African immigrants. And Fey Sowunmi, as the head of the Customer Experience team, ensures that every user interaction is seamless and intuitive, upholding Kredete’s commitment to exceptional service.
Kredete’s future goals are to scale its money transfer services to all African countries, expanding beyond the 20 currently available. And the platform also plans to introduce additional financial products tailored specifically for African immigrants in the diaspora, including credit cards, auto loans, and mortgage loans. For the 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’s use of stablecoin reduces transfer fees to less than a dollar, setting it apart from traditional remittance services. And this cost efficiency makes Kredete an attractive option for African immigrants looking for affordable and reliable money transfer services.
As Kredete continues growing, it is poised to become a key financial service provider for African immigrants moving to North America. And by making it easier for immigrants to build credit and manage their financial lives, Kredete is helping to create a more inclusive and equitable financial future.
KEY QUOTES:
“Kredete is transforming a routine necessity—sending money back home—into a powerful tool for credit building. This practical application of blockchain technology is making a real difference in the lives of African immigrants, allowing them to establish credit histories and integrate more effectively into the financial systems of their new countries.”
– Amar Odedra, Head of VC at Trilitech, Tezos R&D Hub, a key partner in Kredete’s mission
“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.”
– Adeola Adedewe, Founder/CEO of Kredete and a First Generation African Immigrant
