Raenest Raises $11M to Strengthen Nigeria, Kenya, and Expand to US & Egypt

Raenest, a leading multi-currency accounts platform catering to businesses and individuals across Africa, has raised $11 million in a Series A funding round led by QED Investors. The round also saw participation from Norrsken22, with follow-on investments from Ventures Platform, P1 Ventures, and Seedstars, bringing Raenest’s total venture funding to $14.3 million.

With this fresh capital, Raenest plans to deepen its operations in Nigeria and Kenya, while expanding into the United States and Egypt later this year. The company aims to strengthen its infrastructure, form new global partnerships, and attract top talent to accelerate its growth.

Scaling Cross-Border Money Management for Africans

Raenest is building a seamless financial ecosystem that enables African freelancers, businesses, and remote workersto manage global transactions efficiently. The platform allows users to:

• Open international bank accounts in USD, EUR, and GBP.
• Convert currencies at competitive exchange rates.
• Receive payments from platforms like Upwork, Fiverr, and Gusto.
• Access virtual and physical dollar cards for global spending.
• Manage multi-currency wallets for cross-border transactions.

With over 700,000 users and $1 billion in processed payments, the company has established itself as a vital player in Africa’s digital financial sector. It currently serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Regulatory Approvals and Global Partnerships

Raenest holds key financial licenses in:

• Nigeria – Licensed as an International Money Transfer Operator (IMTO).
• Canada – Registered as a Money Services Business (MSB).

Additionally, the company has secured strategic partnerships with major banks in the United States and the United Kingdom, ensuring stable and compliant financial operations. Raenest is actively working to obtain new regulatory licenses in other key jurisdictions to expand its footprint.

Geegpay: Empowering Africa’s Gig Economy

Beyond business banking, the company also operates Geegpay, a consumer-focused product tailored for Africa’s growing gig economy. The solution enables:

• Freelancers, creators, and solopreneurs to receive international payments with minimal fees.
• Integration with Upwork, Fiverr, and other global freelancing platforms.
• Seamless money transfers and currency conversions.

What Investors Are Saying

Victor Alade, CEO, Raenest:

"At Raenest, we are committed to breaking down financial barriers for Africans. Over the past two years, we have built a scalable, globally impactful business that bridges the economic and digital divide. This funding allows us to expand our solutions, deepen our presence, and connect Africa to the world’s economy."

Gbenga Ajayi, Partner, QED Investors:

"Raenest is redefining cross-border banking for Africans. Their seamless user experience and focus on financial inclusion position them as a game-changer in Africa’s fintech landscape. We believe their impact will unlock new opportunities for entrepreneurs and businesses across the continent."

Lexi Novitske, General Partner, Norrsken22:

"Africa’s gig economy is growing at 20% year-on-year, yet payment challenges persist. Raenest is solving this pain point by providing financial tools that empower Africa’s workforce to operate seamlessly in global markets."

Kola Aina, Founder, Ventures Platform:

"Raenest has demonstrated remarkable growth and consistency. As an early backer, we have seen them build a reliable and innovative solution that is transforming Africa’s financial sector."

Africa’s Expanding Cross-Border Payments Market

The cross-border payments industry is projected to reach $320 trillion by 2032, with Africa being one of the fastest-growing regions. With backing from top global investors, Raenest is well-positioned to scale its infrastructure, strengthen partnerships with financial institutions, and enhance its multi-currency offerings.

As digital banking adoption accelerates across Africa, Raenest is at the forefront of simplifying global financial transactions for businesses and individuals alike.

For more details, visit www.raenest.com.