Nigeria-based fintech focused on cross-border remittances and multi-currency accounts for businesses and freelancers, Raenest, has secured $11 million in a Series A funding round, bringing its total funding to $14.3 million.
The funding round was led by QED Investors, with additional participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This follows a pre-seed funding of $700,000 in 2022 and a seed round of $2.6 million in 2023.
With the fresh capital, Raenest plans to expand its product offerings and enter new markets. The company currently operates in Kenya, Ghana, Tanzania, and Uganda, with imminent plans to launch in Egypt and the United States. New product features, including expense management, savings, and investment tools, are also in development.
The funding underscores the growing momentum for African fintech startups. In January 2025 alone, 40 African startups raised $289 million, marking a 240% increase from the previous year. Notable recent investments in the fintech sector include Moniepoint’s $10 million funding from Visa and LemFi’s $53 million raise.
Founded in 2022, Raenest initially functioned as an Employer of Record before pivoting to facilitate international payments, currency conversion, and multi-currency wallet management for businesses and freelancers. Through its consumer-oriented product, Geegpay, the platform enables freelancers, content creators, and independent professionals to receive payments from global platforms such as Upwork, Fiverr, and Gusto. The company reports serving over 700,000 individual customers and processing more than $1 billion in payments to date.
“Africa’s gig economy is expanding at an annual rate of 20%, yet cross-border payment challenges persist for workers and businesses alike,” said Lexi Novitske, General Partner at Norrsken22. “Our investment in Raenest reflects our belief in their potential to transform how Africa’s global workforce connects with the world economy.”
Raenest has also made strides in business banking, launching a dedicated service in March 2024. This offering has quickly gained traction as an alternative for African startups affected by the withdrawal of Mercury, a San Francisco-based banking firm, from the region.
The company, which has been profitable, serves approximately 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta, processing over $100 million in transactions since the platform’s launch.
Competing in Africa’s increasingly dynamic cross-border payments sector, Raenest stands out with its dual business-to-business (B2B) and business-to-consumer (B2C) model. While companies like Cleva, Grey Finance, and LemFi cater to similar needs, Raenest’s unique approach positions it to serve both African businesses and individuals receiving international payments.
“Our goal has always been to support Africans in Africa by enabling seamless international transactions,” said CEO Alade. “While many startups focus on serving Africans in the diaspora, our primary mission has been to empower those residing on the continent. However, we are now looking to expand our services to reach Africans abroad as well.”
As Raenest scales its operations, the company remains focused on bridging the gap in cross-border financial services, ensuring greater accessibility and efficiency for Africa’s growing global workforce.
