Kredete, a Nigerian fintech startup, has raised $22 million in Series A funding to launch Africa’s first stablecoin-backed credit card and expand its credit-building infrastructure across multiple markets.
The team says the raise marks a major milestone in the company’s mission to help African immigrants access fair credit and global financial services.
Founded in 2023 by Adeola Adedewe, Kredete was built on a simple premise: millions of Africans abroad send billions in remittances every year, yet these financial commitments rarely translate into a positive credit history.
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness,” said Adedewe, Kredete’s founder and CEO. “This raise is about scaling that infrastructure globally and making sure that millions of Africans abroad are finally seen, scored, and served.”
What You Should Know
The funding round was led by AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with additional participation from Partech and Polymorphic Capital. This latest investment brings Kredete’s total funding to $24.75 million since its founding in 2023.
The financing will also support Kredete’s international expansion into Canada, the UK, and key European markets, following its $2.25 million seed round in August 2024, which was backed by Blockchain Founders Fund, Techstars, Tezos Foundation, Launch Africa, and others.
By linking everyday activities; from remittances to rent payments to credit scoring, Kredete helps immigrants establish their credit profiles.
According to the startup, it strengthens the credit profiles of individuals in countries such as the United States, Canada, and the UK, where lack of credit history often locks them out of loans, mortgages, and other essential financial services.
Understanding the Stablecoin Card
The startup says the forthcoming stablecoin-backed card, set to launch across 41 African countries, will allow users to spend internationally, build credit, and avoid costly foreign exchange fees.
Beyond the card, Kredete is rolling out additional tools tailored for immigrants with little or no credit history, including:
- Rent reporting to strengthen credit scores
- Credit-linked savings accounts to encourage responsible borrowing
- Foreign currency accounts to hedge against volatile African currencies
By tying these services to a user’s credit profile, Kredete aims to build what it calls a “financial safety net for the diaspora.”
What This Means for Businesses and Payments
Kredete is also tackling inefficiencies in cross-border payments. The company has developed an API-based infrastructure that enables businesses to make secure, real-time payouts into Africa.
At the core of this infrastructure is what Kredete describes as the continent’s largest aggregation layer of banks and wallets; a system designed to streamline payments, lower transaction costs, and provide operators with a single API to move money across Africa.
According to Khaled Ben Jilani, Senior Partner at AfricInvest, this dual approach for both consumers and payment operators makes Kredete stand out.
“Kredete has been focusing on serving the African diaspora while addressing the key bottlenecks faced by payment operators when they move money in and out of Africa. It is one of those rare startups solving challenges for both sides of the ecosystem,” he said.
Knowing the Stablecoin Market
The rise of stablecoins and digital assets in Africa underscores the opportunity Kredete is pursuing.
Between July 2023 and June 2024, Nigeria processed nearly $22 billion in stablecoin transactions, making it the largest market in Sub-Saharan Africa.
This growth, according to many economists, is being driven by demand for cheaper, faster, and more reliable ways to move money across borders while hedging against volatile local currencies.
With the Series A raise and the stablecoin-backed card, experts say Kredete is positioning itself not only as a fintech serving the African diaspora but also as a global infrastructure provider bridging African economies with the rest of the world.
Talking Points
It is significant that Kredete has raised $22 million in Series A funding to launch Africa’s first stablecoin-backed credit card, a product designed specifically for the African diaspora.
By linking everyday financial activities such as remittances, rent payments, and savings to credit scoring, Kredete is offering immigrants a practical pathway to establish credit histories in markets like the US, UK, and Canada.
This solves a critical challenge that has limited access to mortgages, loans, and other financial services for millions of Africans abroad.
At Techparley, we see how this model not only supports immigrants but also reshapes cross-border financial flows. Tying remittances to credit-building creates additional value for both senders and receivers, transforming money transfers into a tool for long-term financial empowerment.
With strong investor backing and early traction, Kredete has the potential to become a catalyst for Africa’s financial inclusion and a blueprint for how fintech can bridge global credit gaps.
