Kredete Raises $2.25M to Help African Immigrants Send Money Home

Kredete, a Nigerian financial software platform dedicated to enabling African immigrants to build credit and send money back home, has successfully raised $2.25 million in seed funding.

The funding will further ensure upscale access across the continent, having already built a presence in 20 African countries.

Kredete Enables Financial Services for African Immigrants

The round, led by BFF, with participation from notable investors including Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF and DNA Fund.

The round also saw contributions from angel investors who have supported successful payment ventures such as Wise and Western Union.

The company has transformed the routine necessity of sending money back home into a powerful tool for credit building. 

This practical application is making a tangible difference in the lives of African immigrants, allowing them to establish credit histories and integrate more effectively into the financial systems of their new countries. 

The financial software platform’s innovative approach is a game-changer for African immigrant communities striving to establish themselves in new environments.

About Kredete

Since launching, the startup has experienced rapid growth, with its user base surpassing 300,000 and transaction volumes exceeding US$100 million. 

On average, users have seen their credit scores increase by 23 points within six months of using the platform, highlighting its impact on financial inclusion.

Kredetes’ leadership team ensures that every user interaction is seamless and intuitive, consequently, upholding the company’s commitment to exceptional service. 

Adeola Adedewe, Founder and CEO of Kredete, emphasizes that the platform’s primary goal is to empower users to build a secure financial future, regardless of where they are migrating

The CTO, Hakeem Oriola, leads all engineering efforts, ensuring the platform’s technological foundation is both robust and scalable. Ebuka Arinze, the Chief Product Officer, drives product strategy and innovation, focusing on delivering cutting-edge financial solutions tailored for African immigrants. Fey Sowunmi, as the head of the Customer Experience team.

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Looking Ahead: Expansion and Objectives

Kredete aims to scale its money transfer services to all African countries, expanding beyond the 20 currently available. The platform also plans to introduce additional financial products tailored specifically for African immigrants in the diaspora, including credit cards, auto loans, and mortgage loans.

Kredete’s long-term vision is to build a comprehensive financial ecosystem that meets the unique needs of African immigrants, helping them navigate and thrive in their new financial environments.

As Kredete continues to grow, it is poised to become a key financial service provider for African immigrants moving to North America. By simplifying the process of building credit and managing financial lives, Kredete is contributing to a more inclusive and equitable financial future.