Kredete completes $22 million Series A financing, led by AfricInvest

PANews September 17th news, according to Parttech Partners, African fintech company Kredete announced a US$22 million Series A financing, led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Carrier (FIVE), with Parttech participating and Polymorphic Capital following the investment. This round brings Kredete’s total financing to $24.75 million. Kredete is committed to helping African immigrants improve their credit history through stablecoin payments and credit building services, and plans to expand to Canadian, UK and European markets. The company will launch Africa's first stablecoin credit card, rental credit report, credit savings plan and other new functions, and build a bank and wallet aggregation API covering 41 countries to help enterprises pay safely and at low cost across borders. Kredete currently has more than 700,000 monthly active users, with a total remittance of US$500 million, and its average US credit score increases by 58 points.