Raenest secures $11m in Series A funding to expand cross-border payment
Raenest, a Nigeria-based fintech focused on cross-border remittances and multi-currency accounts for businesses and freelancers, has raised $11 million in a Series A round, bringing its total funding to $14.3 million. QED Investors led the funding round, with Norrsken22 also participating and Ventures Platform, P1 Ventures, and Seedstars providing follow-on investments.This follows $700,000 in pre-seed funding in 2022 and a $2.6 million seed round in 2023. Raenest intends to use the new capital to expand its product offerings and enter new markets.
The company is currently operating in Kenya, Ghana, Tanzania, and Uganda, with plans to expand into Egypt and the United States. New product features, such as expense management, savings, and investment tools, are also under development. The funding reflects the growing momentum for African fintech startups. In January 2025 alone, 40 African startups raised $289 million, a 240% increase over the previous year. Moniepoint received $10 million in funding from Visa, while LemFi raised $53 million.
Raenest, founded in 2022, began as an Employer of Record before expanding to provide international payments, currency conversion, and multi-currency wallet management for businesses and freelancers. The platform's consumer-facing product, Geegpay, allows freelancers, content creators, and independent professionals to receive payments from global platforms such as Upwork, Fiverr, and Gusto.
The company claims to have served over 700,000 individual customers and processed more than $1 billion in payments to date. "Africa's gig economy is growing at a 20% annual rate, but cross-border payment challenges remain for both workers and businesses," said Lexi Novitske, General Partner at Norrsken22. "Our investment in Raenest reflects our belief in their potential to transform how Africa's global workforce connects with the world economy." Raenest has also made inroads into business banking, launching a dedicated service in March 2024.
This offering has quickly gained traction as an alternative for African startups impacted by Mercury, a San Francisco-based banking firm's exit from the region. The company, which has been profitable, serves approximately 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta, and has processed over $100 million in transactions since the platform launched. Raenest distinguishes itself in Africa's increasingly dynamic cross-border payments sector by offering both business-to-business (B2B) and business-to-consumer (B2C) solutions.
While companies like Cleva, Grey Finance, and LemFi meet similar needs, Raenest's distinct approach allows it to serve both African businesses and individuals receiving international payments. "Our goal has always been to support Africans in Africa by enabling seamless international transactions," Alade, the CEO, said. "While many startups aim to serve Africans in the diaspora, our primary goal has been to empower those who live on the continent.
However, we are now looking to expand our services to include Africans living abroad. As Raenest expands its operations, the company remains committed to closing the cross-border financial services gap, providing greater accessibility and efficiency to Africa's growing global workforce.
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