Lagos-based Raenest, a fintech startup helping African freelancers and businesses manage cross-border payments, has raised $11 million in Series A funding.
The round was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
Bridging the Payment Gap for Africa’s Remote Workforce
With the rise of remote jobs in Africa, many professionals struggle to:
- Open USD, GBP, or EUR accounts to receive international payments
- Avoid slow and expensive remittance processes
- Use global payment platforms that don’t support African banks
Raenest’s Geegpay platform offers a solution by providing virtual foreign currency accounts, allowing users to receive payments, manage multi-currency wallets, and convert funds seamlessly.
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From Employer Payrolls to Fintech Expansion
The startup originally launched in 2022 as an Employer of Record (EOR) platform, helping foreign companies hire and pay African employees compliantly. However, the founders quickly realized that individual freelancers faced the biggest challenges in receiving payments.
Victor Alade, CEO of Raenest, shared:
“A U.S. company might not mind a five-day payment delay, but for someone in Nigeria or Kenya, that’s a major issue—especially when converting to local currency.”
Seeing growing demand, the company expanded its services to African businesses, helping them collect international payments, raise capital, and streamline payroll processing.
Surging Growth and Market Demand
Since launching, Raenest has:
- Processed over $1 billion in payments—a 160% increase in two years
- Attracted over 700,000 users, including freelancers from Upwork, Fiverr, and Gusto
- Served 300+ African companies, including Moniepoint, Helium Health, Fez Delivery, and Matta
Expansion Plans and Future Vision
Currently operating in Nigeria under a money transfer license, the firm plans to:
- Expand into Egypt, Ghana, Kenya, and the U.S.
- Secure additional banking partnerships in the U.S. and U.K.
- Integrate new financial tools for earning, investing, and wealth management
QED’s Growing Interest in African Fintech
QED Investors, one of the world’s top fintech VC firms, has been expanding in Africa since 2022. Raenest is QED’s fifth African investment, joining Moniepoint, Remedial Health, Precium, and Cedar Money.
Gbenga Ajayi, Partner at QED Investors, highlighted the company’s impact:
“By bridging the gap between local and global markets, Raenest is unlocking opportunities for African freelancers and businesses, driving financial empowerment across the continent.”
With $14.3 million in total funding and a fast-growing user base, Raenest is set to become a key player in Africa’s cross-border fintech ecosystem, making global payments faster, easier, and more accessible.
