Raenest, a Lagos, Nigeria-based provider of a multi-currency accounts platform for individuals and businesses across Africa, raised $11M in Series A funding.
The round, which brought Raenest’s total venture funding to $14.3M, was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars.
The company intends to use the funds to expand its operations in Nigeria, while also strengthening its Kenyan presence.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that empowers global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly. The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP. These tools offer the flexibility and reliability needed to navigate global markets. To date, the company has received over 700,000 individual customers, processed over $1 Billion in payments, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Raenest also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.
FinSMEs
11/02/2025