Kredete Gets $2.25M to Scale Financial Platform for African Immigrants
TLDR
- Kredete, a fintech platform aiding African immigrants with credit scores and remittances, secures $2.25 million in seed funding led by Blockchain Founders Fund.
- Founded in 2023, Kredete boosts users' credit scores through transactions to over 20 African nations and plans to expand services to all African countries.
- Kredete to introduce new financial products like credit cards, auto loans, and mortgages for African immigrants.
Nigeria’s Kredete, a fintech platform aiding African immigrants in building credit scores and sending remittances, has secured $2.25 million in seed funding. Founded in 2023, Kredete enables users to remit funds to over 20 African nations, with each transaction boosting their credit score in their new country.
The round was led by Blockchain Founders Fund, with participation from Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, and DNA Fund, alongside angel investors from payment giants like Wise and Western Union.
Kredete plans to extend its services across all African countries and introduce new financial products, including credit cards, auto loans, and mortgages, specifically tailored for African immigrants.
Key Takeaways
With the African diaspora sending around $100 billion back home annually, Kredete’s platform leverages blockchain to reduce remittance costs and enhance financial access for African immigrants. Kredete’s approach could disrupt traditional remittance models and offer a comprehensive solution to the financial challenges faced by African immigrants, potentially increasing economic participation and stability in their new environments. On average, users' credit scores increased by 23 points within six months. The platform claims to have grown rapidly, attracting 300,000 users and processing over $100 million in transactions.
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