Raenest, a Nigerian-based financial technology company, has successfully secured $11 million in a Series A funding round. This latest investment brings the company’s total venture funding to $14.3 million and underscores its pivotal role in revolutionizing cross-border financial services for individuals and businesses across the continent.

The Series A round was led by QED Investors, a prominent venture capital firm known for backing innovative fintech startups. Additional participation came from Norrsken22, alongside follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This diverse group of investors highlights the confidence in Raenest’s mission and growth trajectory.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest began its journey as an Employer of Record (EOR) service, assisting foreign companies in paying African employees while ensuring compliance with local regulations. 

Recognizing a broader need, the company evolved into a comprehensive platform offering multi-currency accounts for individuals and businesses. This evolution empowers users to receive international payments, convert between currencies, and manage transactions seamlessly.

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One of Raenest’s flagship products, Geegpay, provides freelancers with virtual accounts in USD, GBP, and EUR, enabling them to receive payments, manage multi-currency wallets, and perform currency conversions. Additionally, users have access to both virtual and physical debit cards for seamless international transactions.

With the newly acquired capital, Raenest aims to deepen its operations in Nigeria and strengthen its presence in Kenya. The company also plans to expand into the United States and Egypt within the year, broadening its impact both within Africa and internationally. This strategic expansion is geared towards improving financial services for Africans on the continent and in the diaspora, making cross-border transactions smoother and more accessible.

Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB). The company is actively working to secure additional licenses in key jurisdictions to ensure compliance and operational stability. 

Strategic partnerships with leading banks in the US and UK have been established to bolster reliability, and plans are underway to form additional collaborations with financial institutions worldwide.

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Raenest has garnered a substantial user base, boasting over 700,000 customers and serving more than 300 businesses, including notable names like Moniepoint, Helium Health, Fez Delivery, and Matta. These clients utilize Raenest’s platform for efficient cross-border transactions, underscoring the company’s significant impact on facilitating international financial operations for African businesses and freelancers.

Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, expressed enthusiasm about the partnership, stating, “At QED, we’re excited to support Raenest as they revolutionize cross-border banking for Africans. Their commitment to financial inclusion and seamless user experience makes them a transformative player in the fintech space.”

Lexi Novitske, General Partner at Norrsken22, also highlighted the importance of Raenest’s mission, noting, “Africa’s gig economy is expanding by 20% annually, yet cross-border payment challenges remain. Raenest is addressing a critical gap, ensuring freelancers and businesses can efficiently receive and manage their funds.”

With the infusion of $11 million in Series A funding, Raenest is well-positioned to enhance its product offerings, expand into new markets, and attract top talent to support its growth. The company’s unwavering commitment to financial inclusion and innovation sets a strong foundation for its ambitious expansion plans.

As Raenest continues to evolve, it remains dedicated to its core values, striving to deliver exceptional financial solutions while making a positive impact on the communities it serves.