Nigerian fintech Kredete has secured $22 million in Series A funding to launch what it describes as Africa’s first stablecoin-backed credit card and scale its credit-building infrastructure across multiple markets.
The round was led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. Kredete’s total funding now stands at $24.75 million, following a $2.25 million seed round in August 2024 backed by Blockchain Founders Fund, Techstars, Tezos Foundation, Launch Africa, and others.
Founded in 2023 by Adeola Adedewe, Kredete enables African immigrants to build credit abroad while supporting remittances to over 30 African countries. The company’s new credit product links everyday payments—including rent and remittances—to users’ credit scores, aiming to unlock access to loans, mortgages, and financial services in markets such as the US, Canada, and the UK.
The stablecoin-backed card, which is expected to roll out in more than 41 African countries, will allow users to spend internationally, improve their credit profiles, and avoid high foreign exchange costs. Kredete is also introducing additional tools such as rent reporting, credit-linked savings, and foreign currency accounts to help immigrants manage savings and earnings.
On the business side, Kredete has developed an API-based cross-border payments infrastructure that enables companies to make secure, real-time transfers into Africa. The startup is building what it calls the region’s largest aggregation layer of banks and wallets, designed to reduce the cost and complexity of moving money across borders.
Since its launch, Kredete reports reaching over 700,000 monthly users, processing $500 million in remittances, and increasing users’ U.S. credit scores by an average of 58 points.