Remittance Firm Kredete Secures $22M Series A for Global Expansion

New York-based FinTech startup Kredete has successfully closed a $22 million Series A funding round, as reported by FinTech Futures. The investment round was spearheaded by AfricInvest, with participation from Partech and Polymorphic Capital. Kredete offers a comprehensive financial services platform designed for African immigrants. Its offerings include international money transfers to over 30 African countries and a proprietary engine that empowers users in the United States to establish and improve their credit history. Furthermore, the company provides businesses with API-based infrastructure to facilitate cross-border payments into Africa utilizing stablecoin rails. With this latest funding, Kredete has now raised a total of $24.75 million. The company intends to leverage these funds for international expansion into Canada, the United Kingdom, and other key European markets. Kredete also plans to enhance its product suite with new features such as rent reporting tools, credit-linked savings plans, goal-based loans, and a stablecoin-backed credit card for customers in more than 41 African countries.