Kredete completes $22 million Series A funding led by AfricInvest

According to Coinjie.com, on September 17, African fintech company Kredete announced a $22 million Series A financing round, led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicles (FIVE), with Parttech and Polymorphic Capital participating. This round brought Kredete’s total financing to $24.75 million. Kredete is committed to helping African immigrants improve their credit history with stablecoin payments and credit building services, and plans to expand to Canada, the UK and Europe. The company will launch new features such as Africa's first stablecoin credit card, rental credit report and credit savings plan. It will also build a bank and wallet aggregation API covering 41 countries to facilitate secure and low-cost cross-border payments for businesses. Kredete currently has over 700,000 monthly active users, has remitted $500 million, and its users’ U.S. credit scores have increased by an average of 58 points.