Kredete raises $22M to launch Africa’s first stablecoin-backed credit card
Summary
Kredete, a Nigerian fintech founded in 2023 by Adeola Adedewe, has raised $22m in a Series A round led by AfricInvest (through its CAIF and FIVE vehicles) with participation from Partech and Polymorphic Capital. The new capital brings total funding to $24.75m and will fund the launch of Africa’s first stablecoin-backed credit card, expansion into Canada, the UK and key European markets, and the scaling of its credit-building infrastructure.
The product ties remittances and everyday payments (rent, bills, transfers) to a credit-building engine so Africans abroad can build credit scores in destination markets. The stablecoin-backed card is set to roll out in 41+ African countries, allowing users to spend globally, avoid hefty FX fees and strengthen their credit profiles. Kredete also offers rent reporting, credit-linked savings, foreign currency accounts and an API-based payout infrastructure with a bank and wallet aggregation layer for businesses.
Key Points
- $22m Series A led by AfricInvest’s CAIF & FIVE; total funding now $24.75m since 2023.
- Launching a stablecoin-backed credit card across 41+ African countries to let diaspora spend globally and build credit while avoiding foreign‑exchange charges.
- Platform converts remittances, rent and routine payments into credit history to help immigrants access loans, mortgages and other services abroad.
- Additional tools include rent reporting, credit-linked savings, foreign currency accounts and an API for businesses to make real‑time cross‑border payouts.
- Traction: more than 700,000 monthly users, c.$500m in remittances facilitated, and users’ US credit scores rising by an average of 58 points.
Why should I read this?
Short version: this isn’t just another funding round. Kredete is tackling a real pain — diaspora credit invisibility — with product and scale to match. If you care about remittances, cross‑border payments, diaspora finance or practical stablecoin use cases in Africa, this one matters. Big traction, a clear route to revenue and international expansion make it worth your time.