Raenest, a Nigeria-based fintech specializing in cross-border payments, 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.
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 facilitates global banking for Africans. It helps businesses and freelancers receive international payments, convert currencies, and manage multi-currency wallets. To date, the company has amassed over 700,000 individual users, processed over $1 billion in transactions, and serves more than 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
The new funding will drive Raenest’s expansion into new markets, including Egypt and the U.S., while strengthening its presence in Nigeria and Kenya. The company also plans to introduce new financial tools such as expense management, savings, and investment solutions.
Raenest’s consumer-facing product, Geegpay, allows freelancers and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto. Additionally, the company holds key licenses, including an International Money Transfer Operator (IMTO) license in Nigeria and a Money Services Business (MSB) license in Canada, with plans to secure additional regulatory approvals in other jurisdictions.
This 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 investments include Moniepoint’s $10 million funding from Visa and LemFi’s $53 million raise.
“Our mission is to become a trusted financial platform that simplifies global transactions for Africans,” said CEO Victor Alade. “This funding provides the momentum to scale our solutions and expand our impact.”
QED Investors, a leading global fintech VC firm, has been increasing its presence in Africa since 2022. Partner Gbenga Ajayi emphasized their commitment to supporting Raenest, stating, “We firmly believe that bridging the gap between local and global markets will unlock new opportunities for African entrepreneurs, freelancers, and businesses.”
Raenest competes with other cross-border payment platforms like Cleva, Grey Finance, and LemFi. However, its dual B2B and B2C model positions it uniquely in the market. As the company continues to grow, it also plans to expand services to Africans in the diaspora.
