Raenest, a global multi-currency accounts platform for individuals and businesses across Africa, today announced the completion of its $11 million Series A funding. The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.
With this new funding, Raenest aims to deepen its operations in Nigeria while strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within and outside the continent, and attracting top talent to support its growth.
Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB] and is working to secure additional licenses in key jurisdictions. The company has established strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.
“At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services,” said Victor Alade, CEO Raenest. “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.
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Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly. The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP.
These tools offer the flexibility and reliability needed to navigate global markets. To date, the company has amassed over 700,000 individual customers, processed over $1 billion in payments, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Raenest also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.
“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 Norrsken22.
