- The funding spherical was led by QED Buyers, with participation from Norrsken22, alongside follow-on funding from Ventures Platform, P1 Ventures, and Seedstars.
- This equity-based capital injection brings Nigeria-based Raenest’s whole enterprise funding to $14.3 million.
- Raenest seeks to develop into the U.S. and Egypt markets this yr whereas additionally utilizing the funding to draw and retain prime expertise.
Raenest has secured $11 million in Sequence A funding, a monetary backing that can see the worldwide multi-currency accounts platform for people and companies additional develop its presence in Kenya and in its headquarters in Nigeria.
In a press release, Raenest stated it additionally seeks to develop into the U.S. and Egypt markets this yr, additional broadening its affect with prospects from African. Moreover, the brand new funding is a part of a broader plan for the fintech big to draw prime expertise to speed up its progress momentum.
Talking on the announcement, Victor Alade, CEO of Raenest, stated: “At Raenest, we’re devoted to addressing the boundaries that hinder Africans from accessing seamless monetary providers. Our journey over the previous two years has been formed by innovation, collaboration, and a shared imaginative and prescient to construct a sustainable, globally impactful enterprise that bridges financial and digital divides.
He added, “This funding, supported by new and present traders who share our mission, offers the momentum to scale our options and develop our affect throughout the continent. We’re excited to proceed constructing options that join Africa to the world and drive inclusive progress and prosperity.”
Key backers of Raenest’ equity-based capital injection
The spherical was led by QED Buyers, with participation from Norrsken22, alongside follow-on funding from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s whole enterprise funding to $14.3 million.
Gbenga Ajayi, Companion and Head of Africa and the Center East at QED Buyers, added: “At QED, we’re thrilled to help Raenest as they redefine cross-border banking for Africans. Their dedication to monetary inclusion, mixed with a seamless person expertise, positions Raenest as a game-changer within the area’s fintech panorama. We firmly consider that by bridging the hole between native and world markets, Raenest will unlock new alternatives for African entrepreneurs, freelancers and companies, finally driving larger financial empowerment throughout the continent.”
Lexi Novitske, Common Companion of Norrsken22, said “Africa’s gig financial system is rising at a powerful 20 per cent year-on-year, but cross-border fee challenges persist for staff and companies alike. Our funding in Raenest displays our perception that they’re unlocking new alternatives by remodeling how Africa’s world workforce connects to the world financial system.”
Kola Aina, Founder and Common Companion at Ventures Platform, emphasised their continued help: “As one in every of Raenest’s earliest backers, we have now witnessed their distinctive progress, their constant supply of high quality and dependable providers to prospects, and their capacity to ship significant affect within the monetary providers sector. Raenest’s unwavering dedication to Africa’s gig financial system and companies is obvious at each stage of their journey, and we’re thrilled to see them proceed to scale whereas staying true to their daring imaginative and prescient.”
Africa Tech Summit Nairobi
At present, Raenest, which is the important thing sponsor of the Africa Tech Summit 2025 in Nairobi holds licenses in Nigeria as an accredited Worldwide Cash Switch Operator [IMTO] and in Canada as a Cash Providers Enterprise [MSB].
It’s working to safe further licenses in key jurisdictions, the fintech disclosed. The agency has established strategic partnerships with main banks within the US and UK, to make sure operational stability and reliability, and plans to make use of the funding to type further collaborations with monetary establishments worldwide.
Eastablished three years in the past by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of File (EOR) earlier than evolving right into a platform that redefines world banking for Africans, serving to companies and freelancers obtain worldwide funds, convert between currencies, function a multi-currency pockets, whereas managing transactions seamlessly.
The platform additionally permits prospects to open world financial institution accounts of their names, entry bodily and digital greenback playing cards, and handle funds in USD, EUR, and GBP. These instruments supply the pliability and reliability wanted to navigate world markets.
For the time being, the corporate says it has amassed over 700,000 particular person prospects, processed over $1 billion in funds, and serves over 300 companies, together with MoniePoint, Helium Well being, Fez Supply, and Matta.
The fintech additionally gives a consumer-focused product, Geegpay, which offers Africa’s gig financial system, significantly freelancers, creators, distant staff, and solopreneurs, with environment friendly options for receiving funds from Upwork, Fiverr, Gusto, in addition to different abroad platforms and purchasers whereas minimising charges.
Rising cross-border funds
With this Sequence A funding, the fintech is about to develop its attain and strengthen its function within the rising cross-border funds business, which is projected to succeed in $320 trillion by 2032. Africa stays one of many fastest-growing areas for world transactions.
With the backing of world and early-stage traders, Raenest is well-positioned to ship quick, clear, and inexpensive monetary instruments that simplify cross-border cash administration. By scaling its infrastructure, deepening partnerships with world monetary establishments and enhancing its multi-currency choices, Raenest is enabling extra African companies and people to take part totally within the world financial system.
Learn additionally: Nigerian fintech Raenest readies to headline 2025 Africa Tech Summit Nairobi
