Nigerian fintech startup Raenest, a multi-currency accounts platform for individuals and businesses across Africa, has raised US$11 million in Series A funding to expand its reach in existing and new markets.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly.
The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP. To date, the company has amassed over 700,000 individual customers, processed over US$1 billion in payments, and served over 300 businesses. It also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy with efficient payment solutions.
Raenest has secured a US$11 million round of Series A funding, which takes its total capital raised to date to US$14.3 million. The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars.
With this new funding, Raenest aims to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year.
“At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides,” said Alade.
“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. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”
Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, said he was “thrilled” to support Raenest as it redefines cross-border banking for Africans.
“Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. 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,” he said.
