Raenest, a global multi-currency accounts platform, has raised $11 million in Series A funding to expand its operations in Kenya and Nigeria, as well as to enter new markets in the United States and Egypt. The company aims to use this investment to enhance its financial services, attract top talent, and increase its impact across Africa and beyond.
The fintech startup, founded by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, initially operated as an Employer of Record (EOR) but has evolved into a digital banking platform that enables African freelancers and businesses to receive international payments, manage multi-currency transactions, and convert between currencies seamlessly.
Speaking on the funding announcement, Victor Alade, CEO of Raenest, emphasized the company’s commitment to removing financial barriers for Africans. “At Raenest, we are dedicated to addressing the obstacles that prevent Africans from accessing smooth financial services. This funding will help us scale our solutions, expand our reach, and continue building a financial ecosystem that connects Africa to the world,” Alade said.
Key investors in the round include QED Investors, Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. With this latest injection of capital, Raenest has now raised a total of $14.3 million in funding.
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, stated that Raenest’s work is redefining cross-border banking for Africans. “Their dedication to financial inclusion and seamless user experience positions them as a game-changer in Africa’s fintech sector,” Ajayi noted.
Lexi Novitske, General Partner at Norrsken22, highlighted the growth of Africa’s gig economy, which is expanding at a rate of 20% per year. She pointed out that Raenest is unlocking new opportunities by transforming how Africa’s global workforce connects to international markets.
Kola Aina, Founder and General Partner at Ventures Platform, praised Raenest’s consistent performance. “As one of the earliest backers of Raenest, we have seen their tremendous growth and the impact of their financial solutions on freelancers and businesses. We are excited to see them scale further while staying true to their mission,” he said.
Raenest is a key sponsor of the 2025 Africa Tech Summit in Nairobi, a testament to its growing influence in Africa’s fintech space. The company holds licenses as an International Money Transfer Operator (IMTO) in Nigeria and as a Money Services Business (MSB) in Canada. Raenest is also working to secure additional regulatory approvals in key global markets.
To ensure financial stability, the company has formed strategic partnerships with leading banks in the U.S. and U.K. With the new funding, Raenest plans to further strengthen its banking collaborations and improve its financial infrastructure.
Raenest offers a wide range of digital banking services, including multi-currency wallets, global bank accounts, and virtual dollar cards, allowing users to manage payments in USD, EUR, and GBP. The platform has gained over 700,000 individual customers, processed more than $1 billion in transactions, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Additionally, the fintech operates Geegpay, a consumer-focused product that helps African freelancers, creators, and remote workers receive payments from global platforms like Upwork, Fiverr, and Gusto while minimizing transaction fees.
With this Series A investment, Raenest is poised to expand its role in the booming cross-border payments industry, which is projected to reach $320 trillion by 2032. Africa remains one of the fastest-growing regions for global transactions, and Raenest’s services are designed to meet the rising demand for seamless international financial operations.
By scaling its infrastructure, deepening partnerships with global financial institutions, and enhancing its multi-currency offerings, Raenest is positioning itself as a leader in Africa’s digital financial transformation. The fintech firm remains committed to simplifying money management for businesses and individuals, enabling them to participate fully in the global economy.
