Kredete, a Nigerian fintech platform, has raised $2.25 million in seed funding, enhancing its ability to serve African immigrants in the U.S.
The funding round, led by Blockchain Founders Fund (BFF), also included investors like Techstars, Tezos Foundation, Polymorphic Capital, among others.
Kredete’s mission is to help African immigrants build credit while simplifying remittances, transforming how they send money home.
Addressing Financial Barriers for African Immigrants
Kredete’s innovative approach has attracted a user base of over 300,000 and processed transactions exceeding $100 million.
The platform allows immigrants to send money to over 20 African countries at low fees, with every transaction contributing to building their credit score in the U.S.
On average, users have reported an increase of 23 points on their credit scores after using Kredete for just six months.
“Kredete is more than just a remittance platform; it’s a financial tool that empowers African immigrants to secure their financial futures,” said CEO Adeloa Adedewe, according to Disrupt Africa.
By addressing the unique financial needs of this demographic, Kredete is poised to become a vital service for African immigrants navigating new financial systems.
Expanding Horizons and Product Offerings
With this latest round of funding, Kredete aims to expand its services to all African countries and develop additional financial products tailored to African immigrants in the diaspora, such as credit cards, auto loans, and mortgage loans.
The company’s leadership team, including CTO Hakeem Oriola and Chief Product Officer Ebuka Arinze, is committed to ensuring that the platform continues to deliver solutions that help users establish a solid financial foundation.
The seed round also saw support from angel investors involved in successful ventures like Wise and Western Union.
A Bright Future for African Immigrants in the U.S.
Kredete’s long-term vision is to create a comprehensive financial ecosystem tailored to African immigrants, allowing them to thrive in their new environments.
As the company continues to expand, its innovative solutions will likely become essential tools for African immigrants seeking to achieve financial stability in the U.S. and beyond.
Feature Image Credit: Mainstack
