By Barnabas Esiet.
Raenest, a global multi-currency accounts platform for individuals and businesses across Africa, has announced the successful completion of its $11 million Series A funding round.
The investment was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
This funding brings Raenest’s total venture funding to $14.3 million and will be used to deepen the company’s operations in Nigeria, strengthen its presence in Kenya, and expand into the United States and Egypt.
The funding will also support the company’s plans to attract top talent and form strategic partnerships with financial institutions worldwide.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest provides businesses and individuals with a platform to manage funds, multi-currency wallets, and transactions.
The company has established itself as a leading player in the cross-border payments industry, with over 700,000 individual customers, $1 billion in payments processed, and over 300 businesses served.
Raenest’s platform offers a range of services, including global bank accounts, virtual and physical dollar cards, and payments in USD, EUR, and GBP.
The company has also launched Geegpay, a consumer-focused product that provides Africa’s gig economy with efficient solutions for receiving payments from overseas platforms and clients.
Speaking on the funding, Victor Alade, CEO of Raenest, said, “We are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services.
“This funding provides the momentum to scale our solutions and expand our impact across the continent.”
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added, “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.”
Lexi Novitske, General Partner of Norrsken22, noted, “Africa’s gig economy is growing rapidly, 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, emphasized the company’s continued support for Raenest, saying, “We have witnessed Raenest’s exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector.”
With this funding, Raenest is poised to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032.
The company’s commitment to financial inclusion and its seamless user experience position it as a leader in the region’s fintech landscape.
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