Raenest, a global multi-currency accounts platform catering to individuals and businesses across Africa, has secured $11 million in Series A funding. The investment round was led by global fintech investor QED Investors, with participation from Norrsken22, Ventures Platform Fund, P1 Ventures, and Seedstars Africa Ventures. The Lagos-based fintech aims to expand its reach and enhance its financial services for freelancers and businesses.

Addressing Payment Challenges for African Freelancers and Businesses

With Africa’s tech ecosystem booming, remote work opportunities are increasing, but receiving payments remains a challenge. Many freelancers and remote workers struggle with opening foreign currency accounts, slow invoicing, and incompatible payment platforms. Raenest addresses these issues through its retail product, Geegpay, which provides virtual USD, GBP, and EUR accounts, multi-currency wallets, and physical and virtual debit cards.

Expanding Services Beyond Freelancers

Raenest initially launched in 2022 as an Employer of Record (EOR) service to help foreign companies pay African employees while complying with local regulations. However, the company soon realized that the bigger challenge was individuals struggling to receive payments. This led to a pivot toward providing financial tools for freelancers, which later expanded to businesses seeking streamlined international transactions.

Rapid Growth and Market Adoption

Since its launch, Raenest has processed over $1 billion in payments, marking a 160% increase over two years. The platform has onboarded more than 700,000 individual users, enabling them to receive payments from global platforms like Upwork and Fiverr. On the business side, over 300 companies utilize Raenest for cross-border transactions, including startups such as Moniepoint, Helium Health, and Fez Delivery.

Competitive Advantage and Industry Positioning

Raenest operates in a competitive space with fintech players like Afriex, Cleva, and Grey offering multi-currency accounts. However, the company differentiates itself by serving both individuals and businesses, unlike most competitors that focus on one market segment. This dual approach has allowed Raenest to carve out a unique position in Africa’s evolving fintech landscape.

Future Expansion and Strategic Plans

Raenest currently operates in Nigeria under a money transfer license and plans to expand into Egypt, Ghana, Kenya, and the U.S. The company has already established banking partnerships in the U.S. and U.K. and is working to secure additional licenses to support its growth. As part of its strategy, Raenest is integrating Geegpay and Raenest for Business under a single brand to enhance its service offerings.

The $11 million Series A funding brings Raenest’s total investment to $14.3 million, following previous seed rounds. QED Investors, a leading fintech VC firm, continues to strengthen its footprint in Africa, having backed several fintech startups on the continent. With strong investor backing, Raenest is positioned to further its mission of bridging local and global financial markets while driving economic empowerment across Africa.