Nigerian fintech startup Raenest has raised $11 million in a Series A funding round to enhance its cross-border payment solutions for African businesses and professionals. The round was led by QED Investors, with additional participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, bringing the company’s total venture funding to $14.3 million.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest offers a multi-currency platform that enables individuals and businesses across Africa to:

▪ Receive international payments.

▪ Convert currencies.

▪ Manage multi-currency wallets.

▪ Access virtual and physical debit cards in USD, EUR, and GBP.

Since its launch, the company has onboarded over 700,000 individual customers, processed more than $1 billion in payments, and served over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

With this fresh funding, Raenest plans to expand into new markets, including the United States and Egypt, while strengthening its presence in Nigeria and Kenya. The company is also focused on enhancing its financial services by improving multi-currency wallets, global accounts, and payment processing tools to provide smoother transactions for its users.

Victor Alade, Co-Founder of Raenest, expressed his vision: “At Raenest, we are committed to breaking down financial barriers that prevent Africans from accessing seamless financial services. This funding allows us to scale our solutions and drive meaningful impact across the continent.”

Gbenga Ajayi, Partner at QED Investors, highlighted Raenest’s potential: “Raenest’s focus on financial inclusion and user experience makes it a transformative player in Africa’s fintech landscape. By bridging local and global markets, the company is set to unlock new opportunities for African entrepreneurs, freelancers, and businesses.”

This investment underscores the growing confidence in fintech solutions addressing Africa’s unique financial challenges, positioning Raenest as a key player in the region’s digital financial ecosystem.