Raenest, a global platform providing multi-currency accounts for individuals and businesses across Africa, has successfully closed an $11M 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. The new funding boosts Raenest's total venture capital to $14.3M.
The company plans to use this investment to grow its operations in Nigeria and Kenya, while also expanding into the United States and Egypt. Additionally, Raenest aims to strengthen its talent pool and increase its presence in global markets. The platform currently holds licenses in Nigeria as an International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB). It is also pursuing additional licenses in key regions to support its global expansion, while continuing to forge strategic partnerships with leading banks in the US and UK.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before pivoting to offer a comprehensive platform for global banking. The platform empowers African businesses and freelancers to receive international payments, seamlessly convert currencies, manage multi-currency wallets, and facilitate cross-border transactions. Customers can open global bank accounts, access physical and virtual dollar cards, and handle payments in USD, EUR, and GBP, providing them with the flexibility to engage in global markets. To date, Raenest has served over 700,000 individual customers, processed more than $1 billion in payments, and supported over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Raenest has also launched Geegpay, a consumer-focused product designed to address payment challenges for Africa's growing gig economy. The platform helps freelancers, creators, remote workers, and solopreneurs receive payments from international platforms like Upwork, Fiverr, and Gusto, while minimizing transaction fees.
Victor Alade, CEO of Raenest, commented on the funding, stating: “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. 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, added: "At QED, we’re thrilled to support Raenest as they redefine 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."
Lexi Novitske, General Partner of Norrsken22, emphasized: "Africa's gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa's global workforce connects to the world economy."
Kola Aina, Founder and General Partner at Ventures Platform, noted: “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”
Raenest’s Series A funding positions the company to further capitalize on the rapidly growing cross-border payments industry, which is expected to reach $320 trillion by 2032. As Africa remains one of the fastest-growing regions for global transactions, Raenest is poised to provide fast, transparent, and affordable financial tools that make cross-border money management simpler for African individuals and businesses. Through expanded infrastructure, enhanced partnerships with global financial institutions, and a more robust multi-currency offering, Raenest is empowering Africans to fully engage in the global economy.
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