Raenest, a Nigeria-based cross-border remittance platform, 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 previous funding rounds, including a $700,000 pre-seed round in 2022 and a $2.6 million seed round in 2023.
The latest funding will support Raenest’s expansion into new markets, with planned launches in Egypt and the U.S. The company also aims to enhance its offerings by introducing expense management, savings, and investment tools. The investment reflects the growing momentum in Africa’s fintech sector. In January 2025 alone, African startups raised $289 million, a 240% increase from the previous year.
Other notable fintech funding rounds include Moniepoint’s $10 million investment from Visa and LemFi’s $53 million raise.
Raenest which was founded in 2022 initially operated as an Employer of Record (EOR) before changing to facilitate international payments for businesses and freelancers. Today, it provides multi-currency wallets, allowing users to open global bank accounts, issue physical and virtual dollar cards, and process transactions in USD, EUR, and GBP.
Through Geegpay (its consumer-focused product), Raenest enables freelancers, creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto. The company has grown rapidly, claiming to serve over 700,000 users and having processed more than $1 billion in payments to date.
“Africa’s gig economy is expanding at 20% annually, yet cross-border payment challenges persist,” noted Lexi Novitske, General Partner at Norrsken22. “Our investment in Raenest reflects our belief in its potential to transform how Africa’s workforce connects to the global economy.”
Raenest’s business banking service, launched in March 2024, has also gained traction, particularly among startups affected by Mercury’s exit from the African market. According to CEO Alade, the platform is already profitable and serves around 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, processing over $100 million in transactions. Raenest competes with Cleva, Grey Finance, and LemFi in the African remittance market.
However, its dual B2B and B2C model differentiates it, allowing it to serve both businesses and individuals receiving international payments. Though it initially focused on Africans living in Africa, Raenest has long-term plans to expand its services to the African diaspora, further solidifying its mission to become a trusted global financial platform. “The goal is to make it easier for people to manage their funds globally,” Alade emphasized.
