Nigerian fintech startup Kredete, which helps African immigrants in the United States (US) to build credit through stablecoin-powered payments, has announced the launch of Africa’s first stablecoin-backed credit card.
Founded in 2023 by Adeola Adedewe, Kredete allows users to send money to over 40 countries with low fees, and each transaction contributes to their credit score in their new country. This unique approach leverages blockchain technology to create an affordable, seamless solution that helps users build a financial foundation in their new home.
The startup, which raised US$2.25 million in seed funding last September and then took part in the 3rd edition of Visa’s Africa Fintech Accelerator, has now launched a stablecoin-backed credit card.
Built in partnership with Visa, Stellar, and Rain, the card gives users across more than 40 African countries access to a simple, secure way to spend stable digital assets – both online and offline – across more than 100+ countries. Kredete’s new offering combines US dollar-backed stablecoins, real-time blockchain settlement, and a globally accepted Visa card into one unified experience.
Linked directly to a user’s digital wallet, the card enables near-instant settlement in USDC with real-time FX conversion at the point of purchase.
“Access to money shouldn’t stop at your country’s borders,” said Adedewe. “We’ve built a system that lets Africans store value in digital dollars and use those funds however and wherever they choose – instantly.”
