Raenest, a burgeoning fintech startup, has secured $11 million in Series A funding led by QED Investors. Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, the company is setting a new standard in Africa with its multi-currency account offerings. The funds aim to bolster Raenest’s expansion across Africa, with plans to deepen its presence in Nigeria and secure licenses in Egypt, Ghana, Kenya, and the U.S.
At the heart of Raenest's success is its ability to cater to both individuals and businesses—a unique approach in the fintech sector where competitors often focus on one customer persona. The company's client list boasts startups like Moniepoint, Helium Health, Fez Delivery, and Matta. By offering multi-currency accounts, Raenest competes with other fintech players such as Afriex, Cleva, Fincra, Grey, Verto, and Leatherback.
Originally launched as an Employer of Record (EOR), Raenest facilitated payments for foreign companies to African employees while ensuring compliance with local norms. Since its inception, Raenest has processed over $1 billion in payments to freelancers and businesses across the continent. In just two years, the company witnessed a 160% surge in payments processed.
Raenest's retail product, Geegpay, empowers freelancers by providing virtual USD, GBP, and EUR accounts. This allows users to receive payments, manage multi-currency wallets, and convert currencies seamlessly. More than 700,000 individuals leverage this platform to earn from global platforms like Upwork, Fiverr, and Gusto.
In addition to serving individuals, Raenest offers a business banking product known as Raenest for Business. This service enables over 300 companies to collect international payments, raise capital from investors, and facilitate cross-border transactions. The company’s growth trajectory is supported by strategic banking partnerships in the U.S. and U.K., with ongoing efforts to expand these collaborations.
Victor Alade highlights the importance of efficient payment systems:
“A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal — especially when converting to local currency becomes another hurdle.”
These words underscore Raenest’s mission to streamline financial processes for African entrepreneurs.
Gbenga Ajayi of QED Investors expressed strong confidence in Raenest’s vision:
“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.”
This belief aligns with Raenest's goal of creating an inclusive financial ecosystem for Africans worldwide.
Raenest's ambition extends beyond financial transactions. The company envisions a future where it can help Africans earn, invest, and grow their wealth globally:
“We want to create a safe and seamless financial ecosystem for Africans — helping them earn, invest and grow their wealth, no matter where they are in the world,” said Alade.
The startup's comprehensive approach aims to empower users with tools and resources that transcend geographical boundaries.
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