Funding Boost: Kredete Secures $22 Million for Growth Initiatives
Kredete Secures $22 Million Series A Funding Round
Kredete, an African fintech and cross-border remittance firm, has announced a successful Series A funding round of $22 million. This significant investment marks a substantial step towards Kredete's goal of becoming a leading fintech player in Africa and beyond.
Launched in 2023 as a stablecoin-based remittance platform, Kredete has already facilitated $500 million in remittances. More than 700,000 people use Kredete's services monthly, and on average, the company has raised its users' credit scores by 58 points.
The funding round, led by African investment firm AfricInvest, also received support from Partech and Polymorphic Capital. This new investment will be used to expand Kredete into offshore markets, including Canada, the United Kingdom, and parts of Europe.
Kredete's CEO, Adeola Adedewe, expressed his excitement about the new funding, stating, "We are thrilled to have the support of AfricInvest, Partech, and Polymorphic Capital as we continue to revolutionise the remittance industry and provide innovative financial solutions to our users."
Lewam Kefela, Principal at Partech, also made a statement about Kredete's funding round, emphasising the value of its product offering. She said, "Kredete's unique approach to remittances and credit scoring is a game-changer in the African fintech market. We are excited to be a part of their journey as they expand into new markets."
Amidst a dearth of funding for African companies, Kredete's new raise underscores the potential of its product offering. The expansion plans aim to strengthen Kredete's position in the African fintech market and extend its services to international markets.
In addition to its expansion plans, Kredete also announced plans to launch new features, including rent reporting and credit-linked savings plans. These new offerings will further solidify Kredete's position as a comprehensive financial solutions provider.
This latest raise surpasses Kredete's previous raise and makes it the African blockchain firm to have raised the most money so far this year. After this round, Kredete's total funding now stands at $24.75 million.
The funding round details were announced in a blog post on Kredete's website, inviting potential users and investors to join the company's mission of revolutionising the remittance industry and providing innovative financial solutions.
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