Raenest, a Nigerian fintech specializing in cross-border remittance and multi-currency banking solutions, has secured $11 million in a Series A funding round, bringing its total funding to $14.3 million. This latest round was led by QED Investors, with participation from Norrsken22, as well as follow-on investments from Ventures Platform, P1 Ventures, and Seedstars.
The company plans to use the fresh capital to expand into new markets, enhance its product offerings, and introduce expense management, savings, and investment tools. Currently operating in Nigeria, Kenya, Ghana, Tanzania, and Uganda, Raenest is preparing to launch in Egypt and the U.S. as part of its global expansion strategy.
A Growing Force in African Fintech
Raenest was founded in 2022 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—a crucial service for Africa’s rapidly growing gig economy and startup ecosystem.
The company’s consumer-focused product, Geegpay, enables freelancers, creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto, eliminating the traditional banking barriers that hinder cross-border transactions.
Raenest has already processed over $1 billion in payments and serves a customer base of over 700,000 users. On the business banking side, it caters to startups and SMEs, processing over $100 million in transactions since its March 2024 launch. Companies using Raenest include MoniePoint, Helium Health, Fez Delivery, and Matta.
Strong Investor Confidence in Africa’s Fintech Boom
Raenest’s funding comes amid record-breaking investment in African startups, particularly in fintech. In January 2025, 40 African startups raised $289 million—a 240% increase from the previous year. Other significant fintech deals include Moniepoint’s $10 million investment from Visa and LemFi’s $53 million raise.
According to Lexi Novitske, General Partner at Norrsken22, the investment in Raenest reflects a commitment to solving Africa’s cross-border payment challenges, particularly for freelancers and businesses that struggle with global transactions.
“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,” Novitske stated.
Competing in a Crowded Market
Raenest operates in an increasingly competitive cross-border remittance space, with rivals like Cleva, Grey Finance, and LemFi. However, its dual B2B and B2C model—serving both businesses and individuals—sets it apart.
The company’s business banking platform has also gained traction among African startups seeking alternatives to global fintech services like Mercury, which suspended its services for African companies in 2024. This strategic shift has positioned Raenest as a trusted partner for businesses managing international financial operations.
Despite initially focusing on Africans living on the continent, Raenest now aims to expand its reach to Africans in the diaspora, offering seamless financial solutions across borders.
“Other startups serve Africans in the diaspora. However, Raenest launched to serve Africans living in Africa, helping them receive money from abroad,” said Raenest CEO, Alade.
“The mission is to become a trusted financial platform that makes it easier for people to manage their funds globally.”
With a profitable business model, a growing user base, and strong investor backing, Raenest is well-positioned to become a dominant player in Africa’s fintech space. Its ability to bridge the gap between Africa and global financial markets could redefine cross-border payments and banking for the continent’s rapidly evolving digital economy.
