Raenest, a Nigeria-based cross-border remittance company offering multicurrency accounts for freelancers and businesses, has raised $11 million in a Series A funding round, bringing its total funding to $14.3 million.
The round was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This follows Raenest’s pre-seed round of $700,000 in 2022 and a $2.6 million seed round in 2023.
Fueling Expansion and Product Growth
Raenest plans to use the new funds to expand its product offerings and enter new markets, including Egypt and the U.S.. The startup currently operates in Kenya, Ghana, Tanzania, and Uganda and is looking to introduce new features such as expense management, savings, and investment tools.
This funding round highlights the growing interest in African fintech. In January 2025, 40 African startups raised $289 million, a 240% increase compared to the same period last year. Notable fintech investments this year include Moniepoint, which secured $10 million from Visa, and LemFi, which raised $53 million.
From Employer of Record to Fintech Leader
Founded in 2022, Raenest initially launched as an Employer of Record (EOR) before pivoting to become a platform that helps businesses and freelancers manage cross-border payments. The platform enables users to open global bank accounts, access physical and virtual dollar cards, and process payments in USD, EUR, and GBP.
Its consumer-focused product, Geegpay, allows freelancers and creators to receive payments from platforms like Upwork, Fiverr, and Gusto. Raenest claims to serve over 700,000 individual customers and has processed $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,” said Lexi Novitske, General Partner at Norrsken22. “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.”
Business Banking for Startups
Raenest’s business banking service, launched in March 2024, has become a popular alternative for African startups after Mercury, a San Francisco-based firm, pulled its services from the continent. CEO Alade noted that Raenest is already profitable, serving 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta, while processing over $100 million in transactions since its business banking debut.
Standing Out in a Competitive Market
Raenest competes in Africa’s growing cross-border remittance market alongside companies like Cleva, Grey Finance, and LemFi. However, its dual B2B and B2C model differentiates it, allowing the company to serve both African businesses and individuals receiving payments from abroad.
“Other startups serve Africans in the diaspora. Raenest launched to serve Africans living in Africa, helping them receive money from abroad,” said Alade.
While its core mission is focused on serving Africans in Africa, Raenest is also planning to expand its reach to Africans in the diaspora, ensuring that it becomes a trusted global financial platform.
“The mission is to become a trusted financial platform that makes it easier for people to manage their funds globally,” Alade added