Kredete Secures $2.25 Million Seed Funding to Empower African Immigrants with Financial Tools
Kredete, a Nigerian fintech platform dedicated to supporting African immigrants in building credit and facilitating remittances, has successfully raised $2.25 million in a seed funding round.
This round was spearheaded by BFF, with substantial contributions from Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF, and DNA Fund. Notable angel investors, including representatives from Wise and Western Union, also participated.
The startup has ambitious plans to expand its money transfer services to encompass all African countries, broadening its reach. Addressing the pervasive challenge of credit access in Africa, Kredete offers a vital financial lifeline to African immigrants who often face difficulties establishing credit in their host countries while maintaining financial obligations back home.
The platform enables users to send money to over 20 countries with minimal fees, and uniquely, each transaction helps build the user’s credit score in their new country. Leveraging cutting-edge technology, Kredete provides an affordable, seamless solution that aids users in establishing a solid financial foundation in their new environments.
Kredete also aims to introduce a suite of additional financial products designed specifically for African immigrants, including credit cards, auto loans, and mortgage loans. In the long term, the company envisions creating a comprehensive financial ecosystem that addresses the unique needs of African immigrants, empowering them to thrive in their new homes.
Since its launch, Kredete has experienced significant growth, with its user base exceeding 300,000. It has also established strategic partnerships with over 25 financial institutions, including CRC Credit Bureau, Africa’s largest credit bureau. The platform is supported by prominent investors and partners, including Techstars, Mono, First Central, Page, and Providus Bank, positioning it as a key player in the fintech landscape.
As Kredete continues to broaden its services across the continent, it remains committed to developing financial products that meet the specific needs of African immigrants, creating an ecosystem that supports their unique challenges and aspirations.
The startup prides itsself as not just a remittance platform, but a gateway to financial inclusion for African immigrants in the diaspora. Its mission is to help users secure their financial futures, regardless of where they are.
