Nigerian fintech startup, Raenest, has secured $11 million in Series A funding to further expand its presence across Africa.
This funding round, which brings Raenest’s total capital raised to $14.3 million, was led by:
with participation from:
and follow-on investments from:
- Ventures Platform
- P1 Ventures, and
- SeedStars
FUNDING | Pan African VC, Norrsken22, Raises $205 Million in its Maiden Fund for Growth Stage Startups – https://t.co/xhZhhZhUCO #Africa #startups #funding #VC @norrsken_org
— Zenzo L (@ZenzoLusengo) November 9, 2023
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest began as an Employer of Record (EOR) before transforming into a platform that revolutionizes global banking for Africans. It enables businesses and freelancers to:
- Receive international payments
- Convert currencies
- Manage a multi-currency wallet, and
- Handle transactions effortlessly
Raenest offers multi-currency accounts platform for individuals and businesses across Africa. Through their platform, customers can:
- Open global bank accounts in their names
- Access both physical and virtual dollar cards, and
- Manage payments in USD, EUR, and GBP
So far, Raenest has attracted over 700,000 individual users, processed more than $1 billion in payments, and served over 300 businesses. Additionally, it offers GeegPay, a consumer-focused product designed to provide efficient payment solutions for Africa’s gig economy.
“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.”
With this new funding, Raenest plans to expand its operations in Nigeria and strengthen its presence in Kenya. The company also aims to enter the United States and Egypt later in 2025.
Gbenga Ajayi, partner and Head of Africa and the Middle East at QED Investors, expressed his excitement about supporting Raenest in its mission to transform 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.
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