Raenest, a Nigerian fintech startup providing multi-currency accounts and cross-border payment solutions for African individuals and businesses, has closed a $11 million Series A funding round.
The investment, led by QED Investors, will fuel Raenest’s expansion into new markets and enhance its services for clients across the continent, the fintech company announced.
Victor Alade, CEO of Raenest, highlighted the company’s mission to break down financial barriers for Africans. He describes Raenest’s journey as one shaped by innovation and collaboration, with a clear vision to bridge economic and digital divides.
CEO: Raenest to strengthen presence in Nigeria and Kenya
The Series A round was led by QED Investors, a U.S.-based fintech-focused venture capital firm, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, expressed his firm’s commitment to supporting Raenest’s vision of redefining cross-border banking for Africans.
By bridging the gap between local and global markets, Ajayi says that Raenest would unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent.
With the new funding, Raenest aims to strengthen its presence in Nigeria and Kenya while expanding its operations into the United States and Egypt. The company plans to leverage the capital to attract top talent, scale its operations, and enhance its product offerings.
Victor Alade, CEO of Raenest, highlighted the company’s mission to break down financial barriers for Africans. He describes Raenest’s journey as one shaped by innovation and collaboration, with a clear vision to bridge economic and digital divides.
The new funding injection would provide the momentum to scale Raenest’s solutions and expand its impact across the continent, its CEO adds.
The Series A round was led by QED Investors, a U.S.-based fintech-focused venture capital firm, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.
Raenest offers a suite of financial services designed to simplify cross-border payments for African businesses and professionals. The platform allows users to open and operate multi-currency accounts in USD, EUR, and GBP, receive international payments seamlessly, convert between currencies at competitive exchange rates, access virtual and physical dollar cards, manage transactions through a user-friendly platform.
Raenest serves a diverse range of clients, including freelancers, remote workers, startups, and established businesses. The platform aims to provide a faster, smarter, and more affordable financial solution to help its clients thrive in the global marketplace.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) service to help foreign companies legally hire and pay African employees. However, the founders soon realised that the greater challenge was not just facilitating payments for companies but ensuring that individuals could receive their earnings seamlessly.
This led to the creation of Geegpay, a platform designed for freelancers and remote workers, allowing them to open virtual USD, GBP, and EUR accounts to receive international payments with ease. The platform quickly gained traction among African freelancers working with global clients through platforms such as Upwork, Fiverr, and Gusto.
Since launching in 2022, Raenest says it has welcomed over 700,000 individual customers, processed more than $1 billion in payments, empowered over 300 businesses, including notable companies like Moniepoint, Helium Health, Fez Delivery, and Matta.
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