Raenest Secures $11 Million Series A Funding To Expand Into US And Egypt

Raenest, a Nigerian fintech startup offering multi-currency accounts for individuals and businesses across Africa, has raised $11 million in a Series A funding round to fuel its expansion into the United States and Egypt. The round was led by QED Investors, with additional backing from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest investment brings Raenest’s total funding to $14.3 million.

With the fresh capital injection, Raenest aims to strengthen its footprint in Nigeria and Kenya while entering new markets in the US and Egypt. The company is committed to enhancing financial accessibility for Africans both on the continent and in the diaspora, easing cross-border transactions and providing seamless international banking services. “This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent,” said Victor Alade, CEO of Raenest. “We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

The funding milestone comes just seven months after Raenest received approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO), facilitating cross-border payments. The company also holds a Money Services Business (MSB) license in Canada and is actively pursuing additional regulatory approvals in key international markets. To support its expansion, Raenest has already established partnerships with major banks in the United States and the United Kingdom, ensuring stability and reliability in its financial operations.

READ MORE: Billboxx Raises $1.6 Million In Pre-Seed Funding To Empower Nigerian SMEs

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially started as an Employer of Record (EOR) before transitioning into a fintech platform focused on modernising global banking for Africans. The company provides businesses and freelancers with multi-currency wallets, global bank accounts, and physical and virtual dollar cards, enabling seamless international transactions in USD, EUR, and GBP. Since its inception, Raenest has gained significant traction, amassing over 700,000 users and processing more than $1 billion in payments. It serves more than 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta.

One of its flagship products, Geegpay, caters to Africa’s growing gig economy by allowing freelancers, remote workers, content creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto while minimising transaction fees. With the global cross-border payments industry projected to reach $320 trillion by 2032, Raenest is positioning itself to tap into Africa’s fast-growing financial services sector. The latest funding round will help the company scale its solutions, attract top talent, and cement its presence in new markets.

Kola Aina, Founder and General Partner at Ventures Platform, praised Raenest’s commitment to Africa’s gig economy and businesses, expressing confidence in its ability to scale and create meaningful impact in the fintech space. Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, echoed this sentiment, stating, “At QED, 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.” As Raenest continues to expand, the fintech firm is set to play a critical role in shaping Africa’s digital financial landscape while enabling greater financial inclusion on a global scale.