Kredete, a financial software platform, has raised $2.25 million in seed funding to accelerate its expansion across the continent. The startup has already established a presence in 20 African countries and aims to broaden its reach further.
Kredete’s innovative platform allows users to send money to over 20 countries at low fees, with each transaction contributing to their credit score in their new country. Leveraging blockchain technology, Kredete provides a seamless and affordable solution that helps users establish a financial foundation in their new homes. Since its launch, the platform has seen rapid growth, amassing over 300,000 users and surpassing $100 million in transaction volumes. On average, users have experienced a 23-point increase in their credit scores within six months of using the platform, underscoring its significant impact on financial inclusion.
Kredete completed the seed funding round led by Blockchain Founders Fund, with participation from notable investors including Techstars, Tezos Foundation, and others. The funding will enable Kredete to expand its money transfer services to all African countries, growing its reach beyond the 20 nations it currently serves.
The startup also aims to introduce additional financial products tailored specifically for African immigrants in the diaspora, including credit cards, auto loans, and mortgage loans. Looking ahead, Kredete’s vision is to build a comprehensive financial ecosystem that meets the unique needs of African immigrants, helping them navigate and thrive in their new financial environments.
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