TL;DR,
- Kredete secured $22M Series A funding to take its stablecoin credit card services to the next level, serving 700,000+ monthly users across 30+ African countries with $500M+ in cross-border remittances.
- AfricInvest, Partech, and Polymorphic Capital funded Kredete’s expansion plans, bringing total funding to $24.75M since 2023 as the platform becomes Africa’s largest payment aggregation layer for businesses and banks.
- Targeting UN SDGs, Kredete combines stablecoin rails with banking APIs, expanding credit access in 40+ African countries and for global diaspora communities.
African-based blockchain startups continue to shine in the investor world, with Kredete securing $22 million in Series A funding. The company’s stablecoin credit card projects, alongside its credit-building strategy, are designed to help immigrants build proper histories while leveraging blockchain for faster connections.
Kredete Raises $22M to Expand Stablecoin Credit Card Services
AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), from Partech and Polymorphic Capital, funded the series A Funding. Currently, Kredete has gained a total funding of $24.75 million since its debut in 2023.
Khaled Ben Jilani, Senior Partner at AfricInvest, noted:
“It is one of those extremely rare start-ups that has managed to solve several problems at once—both for its African consumer clients and for the large payments companies operating in Africa.”
Immigrants often have trouble sending money back home, a gap that the platform quickly identified and built its foundation on. The $22 million will fund its expansion plans, offering better international money transfers coupled with credit-building features—the result: a stablecoin credit card expanding financial services to businesses and immigrants alike.
RELATED: Meet Africa’s New Stablecoin Credit Card for Global Payments
A sneak peek at what is to come includes rent reporting, credit-linked savings plans, and goal-based loans designed to create better financial identity for immigrants. Ebuka Arinze, Kredete’s chief product officer, commented:
“This milestone isn’t just about funding—it’s about fueling our mission to expand credit-building infrastructure and stablecoin-powered money movement across more than 40 African countries.”
How It Works: The Stablecoin Credit Card That Builds Your Credit Score
Kredete’s unique approach combines stablecoin remittance services with a credit-building engine. At the centre of this innovation is its platform’s stablecoin credit card, or the Kredete credit card. Users can easily spend, send and receive stablecoins across 41+ Africa countries while simultaneously building their credit profiles for additional perks.
The kredete credit card, a marvel that combines stablecoin access to credit building services.[Photo: Kredete]
“Our vision is simple: if you support your family financially, that should count toward your creditworthiness. We’re building a system that rewards financial responsibility across borders, regardless of where you live or work.”
The in-built credit systems convert each transaction into credit-building data, unlocking access to loans, better credit terms and even housing opportunities.
While the immigrants are a keen focus, Kredete has also extended its services to businesses seeking better payment rails. Stabeclojsn have become a preferred means for transactions, with most SMEs opting for USDT and USDC for cross-border payouts within and outside Africa.
Kredete tackles financial issues on a wide scope. Its US-based users have gained an average credit score of 58 points since its launch, offering USD accounts for Africans globally. The stablecoin credit card services and features have reached over 700,000 monthly users, accumulating over $500 million in remittances.
The platforms’ USD accounts for Africans enable users to meet in dollar-denominated savings while still having the flexibility to send money home. Complementing this feature is an upcoming interest-bearing USD and EUR accounts. These latest additions preserve value, earn yei;ld and hedge against current volatility.
Accomplishing these feats prompted the teams to reach out to banks and wallet providers, making it Africa’s largest aggregation layer, a single API for secure, real-time and low-cost payouts for businesses and banks.
Building credit histories for immigrants aligns with UN Sustainable Development Goals, particularly those focused on Decent Work and Economic Growth (SDG 8) and Reduced Inequalities (SDG 10). For Adeola, it was a bold move and one which is paying off in millions.
“Adeola and his team are driving transformative innovation in remittance and cross-border payments. We are excited about how their work is unlocking better services for the African diaspora and the wider ecosystem,” Lewam Kefela, Principal at Partech