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- Credete has raised $2.25 million in a seed funding round led by Blockchain Founders Fund.
- Credete leverages blockchain technology to provide a dual benefit for African migrants by enabling them to build credit and send money home at low fees, thereby solving the dire financial integration challenges facing migrants.
- Since its launch, Kredete has grown rapidly, reaching over 300,000 users and processing over $100 million in transactions.
Kredete, a fintech platform for African immigrants, has raised $2.25 million in seed funding. The funding round was led by Blockchain Founders Fund, with contributions from influential investors including Techstars, Tezos Foundation, and Polymorphic Capital.
The company, which has pioneered a niche in facilitating credit building and low-cost remittances for the African diaspora, has attracted the attention of the investment community, including firms such as Launch Africa, Neer Venture Partners, and DNA Fund. The funding round was also supported by angel investors associated with established payment institutions such as Wise and Western Union.
The core of Kredete’s offering is a platform that allows African migrants to send money to over 20 countries with minimal fees, while also helping them build a credit history in their new country. This dual benefit system uses blockchain technology to streamline transactions and reduce costs, a major advancement for migrants who face the double challenge of financially integrating into their new environment while also supporting their families back home.
Amar Odedra, VC Director at Trilitech, Tezos R&D Hub, highlighted the importance of this innovation, saying, “Kredete is turning an everyday necessity, remittances back home, into a powerful tool for building credit. This practical application of blockchain technology is making a real difference in the lives of African migrants.”
Growth and operational excellence
Since its inception, Kredete has seen impressive growth, amassing over 300,000 users and facilitating over $100 million in transactions. The platform has increased users’ credit scores by an average of 23 points in just 6 months of use.
The team behind Kredete’s success includes CTO Hakeem Oriola, who ensures the robustness of the platform’s technical backbone, and Chief Product Officer Ebuka Arinze, who drives product strategy and innovation. Fey Sowunmi also leads the customer experience team, ensuring seamless and intuitive user interactions.
Future Vision and Expansion
In the future, Kredete plans to expand its services to all African countries, which is considerably larger than the current 20 countries. The company also seeks to launch more financial products that meet the needs of African immigrants, such as credit cards, car loans, and home equity loans, thereby building an inclusive financial ecosystem.
Adeola Adedewoe, founder and CEO of Credete and a first-generation African immigrant, shared his vision: “Credete is more than just a remittance service. It is a gateway to financial inclusion for African immigrants living abroad. Our goal is to help our users build a secure financial future, no matter where they move.”
Kredete has emerged as a cheaper and more reliable alternative to traditional remittance services by innovatively using cryptocurrency rails and stablecoins to reduce transfer fees to less than $1. As the company grows, it aims to become a major financial services provider for African immigrants moving to North America, providing them with essential tools to build credit and effectively manage their finances in their new homes.
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