A Nigerian digital lending marketplace startup, Kredete, has secured undisclosed funding from Launch Africa Ventures. Founded in 2022 by Adeola Adedewe, Kredete aims to revolutionize lending in Nigeria and across Africa using AI technology and strategic partnerships with financial institutions.
The company's AI-powered platform enhances users' chances of pre-approval by offering personalized loan options tailored to their credit history and financial profile. This enables lenders to assess risks better, reduce non-performing loans, and make informed lending decisions.
In addition to providing AI-driven lending solutions, Kredete offers free credit scores, reports, and monitoring tools to help users understand their credit standing and make informed financial decisions. This benefits both borrowers and lenders by fostering a healthier lending ecosystem.
Kredete's mission is to bridge the significant credit gap and foster financial inclusion for the 82% of Nigerians who need access to formal credit. The company envisions a future where financial access, opportunities, and literacy are equitable for all Africans, regardless of their socioeconomic background or credit history.
Since its establishment, Kredete has partnered with over 25 financial institutions, including the largest African-based credit bureau, CRC Credit Bureau. The company has also secured funding from prominent investors, including being backed by Techstars, a renowned startup accelerator powered by J.P. Morgan.
While Kredete's immediate focus is on the Nigerian market, it aims to scale its platform and lending infrastructure across Africa to bridge the gap between the continent's unbanked and underbanked populations.
