The investment was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. The latest funding brings Raenest’s total venture capital raised to $14.3m.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest originally operated as an Employer of Record (EOR) before evolving into a comprehensive cross-border banking platform.

The company enables African businesses and freelancers to receive international payments, convert between currencies, and manage transactions through multi-currency wallets. It also allows customers to open global bank accounts in their names, access physical and virtual dollar cards, and make transactions in USD, EUR, and GBP. The platform currently serves over 700,000 individual customers, has processed more than $1bn in payments, and supports over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

The newly secured funding will support Raenest’s expansion in Nigeria and Kenya while facilitating its entry into the US and Egypt later this year. Additionally, the company plans to invest in talent acquisition and strengthen its partnerships with global financial institutions.

Currently licensed in Nigeria as an International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB), Raenest is pursuing additional regulatory approvals in key jurisdictions. The firm has already established strategic partnerships with major banks in the US and UK to enhance operational stability and aims to expand these collaborations further.

Raenest also operates Geegpay, a solution tailored for Africa’s gig economy, allowing freelancers, creators, and remote workers to receive payments from global platforms like Upwork, Fiverr, and Gusto while reducing transaction fees.

Raenest CEO Victor Alade said, “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. 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.”

QED Investors partner and head of Africa and the Middle East Gbenga Ajayi added, “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. 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.”

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