Raenest, a Nigerian fintech startup, has raised $11 million in Series A funding to expand its financial services across Africa.
The funding round was led by QED Investors, a fintech venture capital firm, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest investment brings Raenest’s total funding to $14.3 million.
Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, spoke about the firm’s assertiveness in Raenest’s vision, stating, “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent.”
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) 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.
Recognising a growing demand from businesses, Raenest expanded its services in 2023 by launching Raenest for Business, enabling companies to manage cross-border transactions efficiently. Today, more than 700,000 individuals and over 300 businesses rely on the platform for global payments, invoicing, and multi-currency management.
Raenest operates in a highly competitive fintech space, with rivals like Afriex, Cleva, Grey, Verto, and Leatherback offering similar multi-currency solutions. However, CEO Victor Alade believes Raenest’s dual approach—attending to both individuals and businesses—gives it a unique advantage.
“A U.S. company might not care if a payment is delayed by five days. But for someone in Nigeria or Kenya, that’s a big deal—especially when converting to local currency becomes another hurdle,” Alade explained.
Since its inception, Raenest has processed over $1 billion in transaction volume, a 160% growth between 2023 and 2024. Companies like Moniepoint, Helium Health, Fez Delivery, and Matta use Raenest to facilitate international transactions, raising capital, and paying global suppliers.
Currently operating in Nigeria with a money transfer license, Raenest plans to expand into Egypt, Ghana, Kenya, and the United States as part of its next growth phase. The company is also strengthening its banking partnerships in the U.S. and U.K. to provide better financial services for Africans at home and in the diaspora.
Beyond cross-border payments, Raenest aims to create a broader financial ecosystem that helps Africans earn, invest and grow their wealth globally. As part of this vision, the company is working on new product offerings and consolidating its services under a single brand, Raenest.
