“There’s a credit-building problem and remittance issue for Africans globally,” the Founder and CEO of Kredete told Innovation Village in an exclusive interview, shedding light on the groundbreaking financial technology company he’s built to bridge the financial gap for African immigrants. Fresh off a successful $2.25M seed funding round, Kredete is transforming the way African immigrants build credit and send money back home.
Adeola, a first-generation African immigrant, shared how his personal experiences navigating the U.S. financial system fueled his passion for creating Kredete. Witnessing firsthand the exorbitant fees associated with international money transfers and the challenges African immigrants face in building credit, Adeola set out to create a solution. “I came here with no credit score,” he explained, “and I saw 16-year-old kids who knew so much about it.”
Having successfully navigated two business exits, Adeola’s entrepreneurial journey and dedication to social impact have garnered recognition. In 2022, he was welcomed as an official Business Council member by Forbes Councils, a testament to his impact on the African financial landscape.
Blockchain: The Engine Powering Kredete’s Financial Revolution
Kredete’s utilisation of blockchain technology isn’t merely a technological flex, but a strategic choice that lies at the heart of its ability to deliver fast, secure, and affordable cross-border payments.
Adeola provided a deeper look into their innovative process: “We convert remittances into a stablecoin pegged to the dollar. Anytime you’re spending from your card, it’s moved on-chain via a dollar currency, which is on the Tether network.” By leveraging stablecoins, Kredete bypasses the cumbersome and often expensive traditional banking systems that rely on intermediaries and batch processing. This allows them to achieve near-instantaneous transactions at a fraction of the cost.
Further solidifying their commitment to efficiency and accessibility, Kredete has established partnerships with local banks in Africa. This enables them to seamlessly convert the stablecoins back into local currencies for final disbursement, ensuring recipients receive their funds quickly and without facing additional fees.
“Blockchain is removing money in real-time,” Adeola emphasized, “we’re not waiting to the end of the month.” This real-time settlement capability not only speeds up transactions but also mitigates risks associated with fluctuating exchange rates and delays.
By harnessing the power of blockchain, Kredete is not just building a remittance platform; it’s revolutionizing the way African immigrants send money home, offering a solution that is faster, cheaper, and more transparent than traditional methods. This approach directly addresses the pain points experienced by the community, making a tangible impact on their financial well-being.
A Team Forged in Shared Struggle
“We all came here with zero credit scores,” Adeola passionately recounted, reflecting on the shared experience that binds the Kredete team. “So, when we decided to set up Kredete, it wasn’t even a question. It was more like, ‘When do we start?'” This sense of urgency and purpose resonates deeply within the company, driving its mission to empower African immigrants financially.
The Kredete team is not just a group of skilled individuals; it’s a collective of first-generation immigrants who intimately understand the challenges faced by their community. Each team member brings unique experiences and insights to the table, fostering a deep empathy for their users. This shared struggle has transformed into a powerful driving force, propelling Kredete’s innovative solutions forward.
From the CTO who has scaled multiple products to hundreds of millions of dollars in volume, to the Head of Customer Experience who honed her skills at Uber, the team is united by a common goal: to make a tangible difference in the lives of African immigrants. They recognise that the struggle for financial inclusion is not just about access to credit, but about creating a system that truly understands and supports their community.
This shared vision has created a culture of innovation and resilience within Kredete. The team’s firsthand knowledge of the pain points faced by African immigrants allows them to develop solutions that are both practical and impactful. They are not simply building a product; they are building a movement towards financial equality.
As Adeola explained, “The money remittance is how we get into the door, but how do you retain them is via the ability to build credit.” This focus on long-term empowerment sets Kredete apart. The team is not just interested in quick fixes; they are dedicated to creating lasting change and helping African immigrants achieve their financial dreams.
Tech with a Purpose: Adeola’s Advice for Aspiring Entrepreneurs
Adeola’s message to budding tech entrepreneurs was clear: “Anyone can build tech,” he asserted, “but if you’re looking to build something technology-driven that has a spin in social good, you should identify that social good early on.” He believes that true innovation lies not just in creating new technologies, but in harnessing their power to address pressing societal challenges.
According to Adeola, the first step is to identify a social cause that resonates deeply with you. “You want to build something in alignment with social good,” he explained, “because then at scale, you don’t really stay within the social good, you then become beyond social good for profit.” It’s about creating a sustainable business model that also makes a positive impact on the world.
Once you’ve identified your purpose, building a strong team that shares your vision and values is crucial. “You can put in a really game-changing team that can align, or they have as much as possible, the ability to align with this social good responsibility,” Adeola advised. A team that believes in the company’s mission will be more motivated, innovative, and resilient in the face of challenges.
Adeola’s advice resonates with the core of Kredete’s success. The company’s focus on addressing the financial needs of African immigrants is not just a business strategy; it’s a mission that the entire team is deeply committed to. This shared purpose has fostered a culture of innovation and driven Kredete’s growth, proving that technology and social impact can go hand-in-hand.
For aspiring entrepreneurs, Adeola’s words offer a powerful reminder that technology is not just a tool for profit, but a catalyst for change. By identifying a social cause and building a team that believes in it, entrepreneurs can create businesses that are both successful and impactful.
Beyond Remittances: A Future of Financial Inclusion
Looking ahead, Adeola shared his vision for Kredete’s future. The company plans to expand its services beyond remittances and credit building, partnering with banks to offer African immigrants preferential interest rates on loans and other financial products. This demonstrates Kredete’s commitment to driving financial inclusion and empowering the African immigrant community.
Adeola Adedewe’s story and the success of Kredete exemplify the power of technology to address social and financial inequalities. Through innovation and a deep understanding of their community’s needs, Kredete is transforming the financial landscape for African immigrants, one transaction at a time. As they continue to grow and expand their services, Kredete’s impact on the African diaspora is poised to be even more significant.
