Raenest, a multi-currency accounts platform for individuals and businesses across Africa, has completed an US$11 million Series A funding round.
QED Investors led the investment, with participation from Norrsken22, alongside existing investors Ventures Platform, P1 Ventures, and Seedstars.
This brings Raenest’s total venture funding to US$14.3 million.
The company plans to use the funding to expand its operations in Nigeria and Kenya, while also entering the United States and Egypt this year.
It aims to broaden its reach among Africans both within and outside the continent and to attract talent to support its growth.
Raenest is currently licensed in Nigeria as an International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB).
It is also working to secure licences in other key regions.
The company has formed strategic partnerships with banks in the US and UK to ensure operational stability and reliability, with plans for further collaborations.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest started as an Employer of Record (EOR) before shifting its focus to global banking solutions for Africans.
The platform enables businesses and freelancers to receive international payments, convert currencies, and manage multi-currency wallets.
Customers can open global bank accounts, access physical and virtual dollar cards, and process payments in USD, EUR, and GBP.
Raenest also operates Geegpay, a service tailored to Africa’s gig economy, providing freelancers, remote workers, and content creators with tools to receive payments from platforms such as Upwork, Fiverr, and Gusto while reducing transaction fees.
Commenting on the funding, Raenest CEO Victor Alade said:
“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.”
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, stated:
“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.”
With backing from global investors, Raenest aims to scale its infrastructure, expand financial partnerships, and enhance its multi-currency services, enabling more African businesses and individuals to participate in the global economy.
Featured image: Raenest cofounders L-R Richard Oyome, Sodruldeen Mustapha and Victor Alade
