Nigeria-based cross-border remittance company Raenest, which offers multicurrency accounts for freelancers and businesses, has successfully secured $11 million in a Series A funding round, increasing its total funding to $14.3 million.
The funding round was led by QED Investors, with participation from Norrsken22, as well as follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This latest round follows a pre-seed investment of $700,000 in 2022 and a seed round of $2.6 million in 2023.
With the new capital, Raenest plans to expand its product offerings and enter new markets. Currently, the company operates in Kenya, Ghana, Tanzania, and Uganda, with plans to launch services in Egypt and the United States. Additionally, Raenest aims to introduce new features such as expense management, savings, and investment tools to enhance its platform.
This funding round is indicative of the growing momentum for African startups, particularly in the fintech sector. In January 2025 alone, 40 African startups raised a total of $289 million, representing a remarkable 240% increase compared to the previous year. Other notable fintech investments during this period include Moniepoint, which secured $10 million from Visa, and LemFi, which raised $53 million.
Founded in 2022, Raenest initially operated as an Employer of Record (EOR) before pivoting to focus on helping businesses and freelancers receive international payments, convert currencies, and manage multi-currency wallets. Users can open global bank accounts, access both physical and virtual dollar cards, and process payments in USD, EUR, and GBP.
Through its consumer-focused product, Geegpay, Raenest enables freelancers, creators, and solopreneurs to receive payments from platforms such as Upwork, Fiverr, and Gusto. The company claims to serve over 700,000 individual customers and has processed more than $1 billion in payments to date.
Lexi Novitske, General Partner of Norrsken22, stated.
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.
Raenest’s business banking service, launched in March 2024, has quickly emerged as a viable alternative for African startups seeking banking partners, especially after Mercury, a San Francisco-based firm, withdrew its services from the continent. According to CEO Alade, Raenest is already 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 inception.
In the increasingly competitive cross-border remittance landscape in Africa, Raenest stands out by adopting a dual B2B and B2C model, allowing it to cater to both African businesses and individuals receiving payments from abroad. As the company continues to grow, it also plans to extend its services to Africans in the diaspora.
“While other startups focus on serving Africans in the diaspora, Raenest was launched to support Africans living in Africa, helping them receive money from abroad,” Alade explained. Despite this primary focus, the company is committed to expanding its reach to include Africans in the diaspora. “Our mission is to become a trusted financial platform that simplifies global fund management for our users,” Alade concluded.
