Kredete completes $22 million Series A funding round, 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 brings Kredete's total funding to $24.75 million. Kredete is committed 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 will build a bank and wallet aggregation API covering 41 countries to help businesses achieve secure, low-cost cross-border payments. Kredete currently has over 700,000 monthly active users, with cumulative remittances reaching $500 million, and users' average US credit scores have increased by 58 points.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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