Fintech company Kredete has completed a $22 million Series A funding round, led by AfricInvest

ChainCatcher news, according to Partech Partners, the African fintech company Kredete announced the completion of a $22 million Series A financing round, led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicle (FIVE), with participation from Partech and follow-on investment from Polymorphic Capital.

This round of financing brings Kredete's total funding to $24.75 million. Kredete is dedicated to helping African immigrants enhance their credit records through stablecoin payments and credit-building services, and plans to expand into the Canadian, UK, and European markets.

The company will launch Africa's first stablecoin credit card, rental credit reports, credit savings plans, and other new features, while building a banking and wallet aggregation API covering 41 countries to facilitate secure, low-cost cross-border payments for businesses. Kredete currently has over 700,000 monthly active users, with a total remittance of $500 million, and users' average credit scores in the U.S. have increased by 58 points.