Raenest, a Nigerian fintech startup that offers multi-currency accounts to people and companies throughout Africa, has raised US $11 million in Series A funding to enter new and existing markets.

Raenest, a platform that redefines global banking for Africans, was founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome. Initially, it functioned as an Employer of Record (EOR). Today, it helps businesses and freelancers receive international payments, convert currencies, operate a multi-currency wallet, and manage transactions with ease.

Along with managing payments in USD, EUR, and GBP, the platform allows users to access both virtual and physical dollar cards and open international bank accounts in their names. Over 700,000 individual customers have been served by the company to date, and it has processed over $1 billion in payments for more than 300 businesses. Geegpay, a consumer-focused product, is another offering that gives Africa’s gig economy effective payment options.

With the acquisition of an additional US $11 million in Series A funding, Raenest has raised a total of US $14.3 million to date. With Norrsken22 participating and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars, QED Investors led the round.

Raenest hopes to increase its presence in Kenya and expand its activities in Nigeria with this new funding. Additionally, the business intends to launch in Egypt and the US this year.

“At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides,” said Alade.

“This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

As Raenest transforms cross-border banking for Africans, Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, expressed his excitement about the opportunity to support the company.

“Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent,” he said.