Nigerian fintech startup Kredete has secured $2.25 million in seed funding to expand its innovative financial platform designed to empower African immigrants. The funding round was led by Blockchain Founders Fund, with significant contributions from Techstars, Tezos Foundation, and other notable investors. Launched in 2023, Kredete enables users to send money back home with minimal fees while simultaneously building their credit scores in their new countries. This unique approach has fueled rapid growth, with over 300,000 users and more than $100 million in transaction volumes. Kredete’s platform, which leverages blockchain technology and stablecoins to reduce transfer fees, has been instrumental in helping users increase their credit scores by an average of 23 points within just six months. With this new capital, Kredete plans to scale its services to all African countries, beyond the 20 it currently serves, and introduce new financial products tailored to African immigrants, such as credit cards, auto loans, and mortgage loans. The startup’s long-term vision is to build a comprehensive financial ecosystem that meets the unique needs of African immigrants, providing them with the tools necessary to establish a secure financial future. Kredete’s leadership team, including Founder and CEO Adeola Adedewe, CTO Hakeem Oriola, and CPO Ebuka Arinze, is focused on driving this mission forward, making financial inclusion a reality for African immigrants around the globe.
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