Raenest, a Nigerian multi-currency platform that facilitates cross-border payments for African remote workers, has announced that it has secured $11 million in Series A funding.
This investment was led by QED Investors, along with Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. The latest investment round brings the total venture funding to $14.3 million, a huge leap forward in the company’s mission to optimize cross-border money management for Africans.
Speaking on the funding round, Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors said,
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“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”.
For many Africans, receiving international payments, converting currencies, and managing cross-border transactions remain major hurdles. The African financial landscape presents numerous challenges for individuals and businesses, including fragmented and unstable currencies, limited interoperability between banks, restricted access to global banking services, and exorbitant costs associated with international payments.
Raenest is tackling these challenges head-on by providing faster, smarter, and more affordable financial solutions tailored to freelancers, remote workers, startups, and growing businesses. The Fintech’s purpose is to fulfill all regulatory, compliance, and technological requirements.
With this new investment, Raenest is set to expand its services and enhance its product offerings, ensuring seamless global transactions for its customers. The Series A funding will fuel Raenest’s expansion into new markets, strengthening its presence in Nigeria and Kenya, while launching operations in the U.S. and Egypt. This strategic move will provide users with greater access to financial services and more opportunities for global transactions.
Additionally, Raenest is set to enhance its multi-currency wallets, global accounts, and payment processing tools, delivering even smoother, faster, and more reliable financial transactions. To support its growth, the company is also expanding its team, attracting top-tier talent dedicated to refining the customer experience and maintaining a robust, efficient platform. Notably, Raenest is forging partnerships with major financial institutions in the U.S., U.K., and beyond, further enhancing the security, speed, and efficiency of its transactions.
Africa’s gig economy is expanding at an impressive rate of 20% annually, yet cross-border payment difficulties continue to hinder many freelancers and businesses. Raenest aims to eliminate these barriers by providing seamless payment solutions. The global cross-border payments market is projected to reach $320 trillion by 2032, and Raenest is determined to ensure that African professionals and businesses benefit from this financial evolution.
Since its launch in 2022, Raenest has achieved remarkable milestones which include:
• Over 700,000 individual customers onboarded.
• More than $1 billion in payments processed.
• 300+ businesses empowered, including industry leaders like MoniePoint, Helium Health, Fez Delivery, and Matta.
Raenest has also gained traction through Geegpay by Raenest, a dedicated platform for freelancers, creators, remote workers, and independent contractors. Geegpay enables users to receive payments in multiple currencies from anywhere in the world, with lower fees and faster transactions.
Raenest competes with several fintech startups offering multi-currency accounts to customers in Africa, which include Afriex, Cleva, Fincra, Grey, Verto and Leatherback. The startup argues that it has an edge because it targets individuals and businesses, unlike most players that cater exclusively to one of those customer personas.
Looking Ahead
Raenest’s latest funding milestone signals just the beginning of its journey. With a strong network of investors, partners, and customers, the company is on a mission to make earning, spending, and managing money across borders more accessible than ever. As the company scales new heights, users can expect exciting innovations, expanded services, and stronger financial partnerships in the near future.