Nigeria-based fintech company Raenest has raised $11 million in a Series A funding round, reinforcing its position in the cross-border remittance market. This latest investment brings the company’s total funding to $14.3 million and is set to accelerate its expansion into new markets.
The round was led by QED Investors, with support from Norrsken22 and follow-on contributions from Ventures Platform, P1 Ventures, and Seedstars. This follows earlier rounds, including a $700,000 pre-seed in 2022 and a $2.6 million seed round in 2023.
Raenest, which provides multicurrency accounts for freelancers and businesses, currently operates in Kenya, Ghana, Tanzania, and Uganda. With fresh capital in hand, the company is eyeing Egypt and the U.S. as its next markets while enhancing its offerings with expense management, savings, and investment tools.
Riding the Fintech Wave in Africa
African startups, particularly in fintech, have seen a surge in investor confidence. In January 2025 alone, 40 startups collectively raised $289 million—marking a 240% year-on-year increase. Among them, Moniepoint secured $10 million from Visa, while LemFi raised $53 million.
Founded in 2022, Raenest initially operated as an Employer of Record (EOR) before shifting focus to streamline international payments, currency conversion, and multi-currency wallet management. Through its consumer-facing platform, Geegpay, freelancers and entrepreneurs can receive payments from platforms like Upwork, Fiverr, and Gusto. The company claims to serve over 700,000 customers, processing over $1 billion in payments to date.
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, said Lexi Novitske, General Partner at Norrsken22.
Raenest’s business banking platform, launched in March 2024, has also gained traction among African startups, especially following Mercury’s exit from the region. CEO Alade revealed that the platform now supports approximately 300 businesses—including MoniePoint, Helium Health, Fez Delivery, and Matta—processing over $100 million in transactions since its inception.
Expanding Horizons
Raenest competes with fintech firms like Cleva, Grey Finance, and LemFi. However, its dual B2B and B2C model sets it apart, catering to both businesses and individuals receiving payments from abroad.
Although initially focused on serving Africans living on the continent, Raenest now plans to extend its reach to Africans in the diaspora. The mission is to become a trusted financial platform that makes it easier for people to manage their funds globally, Alade stated.
With a profitable business model and ambitious expansion plans, Raenest is poised to reshape Africa’s cross-border payment landscape.
