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Raenest, a Nigeria-based cross-border remittance company that offers 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, alongside follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This follows a pre-seed round of $700,000 in 2022 and a seed round of $2.6 million in 2023.
The company plans to use the new funds to expand its product offering and enter additional markets. Raenest currently operates in Kenya, Ghana, Tanzania, and Uganda, with plans to launch in Egypt and the U.S. It also aims to introduce new features, including expense management, savings, and investment tools.
This funding round is part of the increasing momentum for African startups, particularly in fintech. In January 2025 alone, 40 African startups raised $289 million, a 240% increase from the previous year. Other notable fintech investments include Moniepoint, which secured $10 million from Visa, and LemFi, which raised $53 million.
Launched in 2022, Raenest initially started as an Employer of Record (EOR) before pivoting to help businesses and freelancers receive international payments, convert currencies, and manage multi-currency wallets. Users can open global bank accounts, access physical and virtual dollar cards, and process payments in USD, EUR, and GBP.
Through its consumer-focused product, Geegpay, Raenest allows freelancers, creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto. The company claims to serve over 700,000 individual customers and has processed over $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. 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 of Norrsken22.
Raenest’s business banking service, launched in March 2024, has quickly emerged as an alternative for African startups seeking banking partners after Mercury, a San Francisco-based firm, pulled its services from the continent. According to CEO Alade, Raenest is profitable and serves approximately 300 businesses—including MoniePoint, Helium Health, Fez Delivery, and Matta—on its business banking platform, processing over $100 million in transactions since its launch.
Raenest competes in Africa’s increasingly competitive cross-border remittance space, alongside companies like Cleva, Grey Finance, and LemFi. However, its dual B2B and B2C model sets it apart, positioning the company to serve both African businesses and individuals receiving payments from abroad. As the company grows, it plans to expand its reach to serve Africans in the diaspora as well.
“Other startups serve Africans in the diaspora. However, Raenest launched to serve Africans living in Africa, helping them receive money from abroad.”
Despite this focus, the business plans to expand its reach to Africans in the diaspora.
“The mission is to become a trusted financial platform that makes it easier for people to manage their funds globally,” Alade told TechCabal.
Faith Omoniyi Read More