African fintech company Kredete completes $22 million Series A funding round

Jinse Finance reported that African fintech company Kredete today announced the completion of a $22 million Series A funding round, led by AfricInvest's Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and Polymorphic Capital. Founded in 2023, the company is dedicated to helping African immigrants build credit histories through stablecoin payments and cross-border remittance services. Kredete will use this round of funding to expand its business to the Canadian, UK, and European markets, and launch Africa's first stablecoin-backed credit card. It is reported that Kredete currently has over 700,000 monthly active users and has facilitated $500 million in remittance transactions, helping users improve their credit scores by an average of 58 points. After this round, the company's total funding has reached $24.75 million.