Kredete completes $22 million Series A funding, led by AfricInvest

ChainCatcher news, African fintech company Kredete announced the completion of a $22 million Series A funding round, led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and follow-on investment from Polymorphic Capital.

This round of funding brings Kredete's total financing to $24.75 million. Kredete is dedicated to helping African immigrants improve their credit records through stablecoin payments and credit-building services, and plans to expand into the Canadian, UK, and European markets. The company will launch Africa's first stablecoin credit card, rental credit reports, credit savings plans, and other new features, and build a banking and wallet aggregation API covering 41 countries to facilitate secure, low-cost cross-border payments for businesses. Kredete currently has over 700,000 monthly active users, with a total remittance of $500 million, and an average increase of 58 points in users' US credit scores.