Raenest, the Lagos-based fintech startup tackling Africa’s remote work payment challenges, has secured an $11 million Series A funding round to drive its expansion across the continent. The round was led by QED Investors, a globally recognized fintech-focused venture capital firm. Other participating investors include Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest round brings Raenest’s total funding to $14.3 million.
The primary intent of this investment is to fuel Raenest’s expansion across Africa and beyond. The funds will be used to deepen its presence in Nigeria, secure operational licenses in key markets such as Egypt, Ghana, Kenya, and the U.S., and strengthen its banking partnerships in the U.S. and U.K. Additionally, the company plans to consolidate its retail product, Geegpay, and its business-focused offering, Raenest for Business, under a single brand, Raenest. This strategic move aims to streamline its services and enhance its value proposition to both individual freelancers and businesses.
Raenest’s mission is to simplify cross-border payments for Africans, enabling them to receive and send international payments seamlessly. The startup has already processed over $1 billion in payments since its inception in 2022, serving over 700,000 individuals and 300 businesses. The investment will also support the development of new products aimed at creating a comprehensive financial ecosystem for Africans, including tools for earning, investing, and growing wealth globally.
Why the Investors Invested
Raenest’s latest funding round underscores growing investor confidence in Africa’s digital payments sector, particularly in fintech solutions tailored for freelancers, gig workers, and businesses with international financial needs.
Raenest is tackling a major challenge in Africa’s expanding tech ecosystem: the difficulty freelancers and businesses face in receiving and managing international payments. As remote work opportunities for African talent grow, the demand for seamless cross-border payment solutions has surged. With the continent projected to have over 80 million freelancers by 2030, Raenest’s provision of virtual USD, GBP, and EUR accounts, multi-currency wallets, and debit cards positions it as a crucial player. The company’s rapid growth — processing over $1 billion in payments within two years and serving 700,000+ users and 300+ businesses — underscores both the scale of the problem and the strength of its solution.
The startup’s pivot from an Employer of Record (EOR) model to a fintech platform catering to both individuals and businesses demonstrates its agility and responsiveness to market needs. This adaptability is a key factor that likely attracted investors, as it highlights Raenest’s potential to scale and capture a larger share of the market. The company’s rapid growth — processing over $1 billion in payments and serving a significant user base within two years — further underscores its viability and market traction. It has already onboarded high-profile clients like Moniepoint, Helium Health, Fez Delivery, and Matta, indicating strong trust from leading startups. Investors view Raenest’s ability to gain early traction among top-tier African businesses as a positive signal for long-term sustainability.
Another key reason for the investment is Raenest’s dual focus on both freelancers and businesses, setting it apart from competitors that typically serve only one segment. This broad market appeal not only gives Raenest a competitive edge but also aligns with investors’ vision of building a financial ecosystem that empowers a diverse range of users, from individual freelancers to scaling enterprises. Unlike Afriex, Cleva, Fincra, Grey, Verto, and Leatherback, which cater primarily to either businesses or individuals, Raenest’s dual approach enhances market penetration while diversifying its revenue streams, making it a more resilient and scalable fintech player.
Again, investors see Raenest’s planned entry into Egypt, Ghana, Kenya, and the U.S. as a logical step toward cementing itself as a pan-African fintech powerhouse. With regulatory approvals and banking partnerships in key markets, the startup is positioned for further growth and regional dominance.
Moreover, the timing of the investment coincides with a gap in the market created by U.S.-based fintechs like Mercury, which have restricted services in certain African countries. Raenest’s ability to fill this void and provide reliable cross-border payment solutions makes it an attractive investment opportunity.
Lead investor QED Investors has been steadily expanding its presence on the continent, having backed Moniepoint, Remedial Health, Precium, and Cedar Money before investing in Raenest. The firm’s Africa strategy focuses on high-growth fintech startups solving critical payment infrastructure challenges, making Raenest a natural fit for its portfolio.
A Look at Raenest
Raenest was founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome. The startup initially launched as an Employer of Record (EOR), helping foreign companies pay African employees in compliance with local regulations. However, the founders quickly identified a more pressing issue: the challenges individuals faced in receiving international payments. Drawing on their collective experience in African fintech — Alade previously worked at Jumia and Andela, while Mustapha and Oyome have backgrounds at LemFi and FairMoney — the team pivoted to address this pain point.
Raenest’s primary markets are in Africa, with a strong focus on Nigeria, where it currently operates under a money transfer license. The company plans to expand into Egypt, Ghana, Kenya, and the U.S., leveraging its banking partnerships in the U.S. and U.K. to facilitate cross-border transactions. Its flagship product, Geegpay, offers freelancers virtual accounts in USD, GBP, and EUR, enabling them to receive payments, manage multi-currency wallets, and convert currencies. The platform also provides virtual and physical debit cards that support multiple currencies.
In March 2023, Raenest expanded its offerings to include business banking through its Raenest for Business brand. This move was driven by demand from African companies seeking efficient ways to handle international payments, raise capital, and conduct cross-border transactions. The startup’s client list includes notable African startups such as Moniepoint, Helium Health, Fez Delivery, and Matta.
Raenest operates in a competitive landscape, with rivals like Afriex, Cleva, Fincra, Grey, Verto, and Leatherback also offering multi-currency accounts. However, Raenest differentiates itself by targeting both individuals and businesses, a strategy that has contributed to its rapid growth and market penetration. The company’s long-term vision extends beyond payments, aiming to create a comprehensive financial ecosystem that enables Africans to earn, invest, and grow their wealth globally.
With its recent funding and ambitious expansion plans, Raenest is well-positioned to become a leading player in Africa’s fintech space, addressing critical financial challenges and unlocking new opportunities for individuals and businesses across the continent.