Raenest, a fintech platform providing multi-currency accounts for African businesses and individuals, has raised USD 11 M in Series A funding. The round, following a USD 2.6 M seed round in 2023, was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, bringing its total venture funding to USD 14.3 M.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest simplifies cross-border payments, enabling users to hold multi-currency wallets, receive international payments, and access virtual and physical dollar cards. The platform currently serves over 700,000 individual users and 300 businesses—including MoniePoint, Helium Health, and Fez Delivery—processing over USD 1 B in payments to date.

With this funding, Raenest plans to deepen its Nigerian and Kenyan operations while expanding into the U.S. and Egypt. It also aims to secure additional licenses and strengthen partnerships with financial institutions in key markets. The company holds an International Money Transfer Operator (IMTO) license in Nigeria and a Money Services Business (MSB) license in Canada.

Raenest’s consumer product, Geegpay, supports Africa’s growing gig economy by enabling freelancers and remote workers to receive payments from global platforms like Upwork and Fiverr while reducing transaction fees.

CEO Victor Alade emphasised the company’s commitment to breaking financial barriers for Africans, stating that this investment will help scale Raenest’s solutions and further integrate Africa into the global economy. QED Investors’ Gbenga Ajayi highlighted the company’s potential to redefine cross-border banking, while Norrsken22 and Ventures Platform reaffirmed their belief in Raenest’s ability to empower Africa’s workforce.

With the cross-border payments industry projected to reach USD 320 T by 2032, Raenest is positioned to drive financial inclusion and streamline global transactions for African businesses and freelancers.