Raenest, a Nigerian fintech specializing in cross-border payments, has secured $11 million in a Series A funding round, bringing its total funding to $14.3 million. The investment will support its expansion into new markets and the introduction of additional financial tools.

The round was led by QED Investors, with backing from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This follows Raenest’s earlier funding rounds, including a $700,000 pre-seed round in 2022 and a $2.6 million seed round in 2023.

Expansion Plans and New Features

With operations in Kenya, Ghana, Tanzania, and Uganda, Raenest is now eyeing launches in Egypt and the U.S. The company also plans to roll out new offerings such as expense management, savings, and investment tools to enhance its multi-currency payment solutions.

This investment reflects the growing confidence in African fintech startups. In January 2025 alone, African startups secured $289 million in funding—a staggering 240% increase from the previous year. Notable fintech investments include Moniepoint’s $10 million from Visa and LemFi’s $53 million round.

From Employer of Record to Fintech Powerhouse

Since its launch in 2022, Raenest has transitioned from an Employer of Record (EOR) to a full-fledged fintech platform. It helps freelancers and businesses receive international payments, convert currencies, and manage multi-currency wallets. Users can open global bank accounts, access virtual and physical dollar cards, and transact in USD, EUR, and GBP.

Through its consumer-focused product, Geegpay, Raenest enables freelancers, content creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto. The company reports serving over 700,000 users and processing more than $1 billion in transactions.

Addressing Africa’s Cross-Border Payment Challenges

Africa’s gig economy is expanding at an annual rate of 20%, yet freelancers and businesses continue to face challenges with cross-border payments. Investors see Raenest as a key player in bridging this gap.

“Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy,” said Lexi Novitske, General Partner of Norrsken22.

Business Banking and Competitive Edge

In March 2024, Raenest launched its business banking service, quickly positioning itself as a go-to alternative for African startups that lost access to Mercury, a U.S.-based banking provider. According to CEO Alade, the company is profitable and serves around 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta. Since its launch, Raenest’s business banking arm has processed over $100 million in transactions.

Raenest operates in an increasingly competitive cross-border payment space, facing off against Cleva, Grey, and LemFi. However, its ability to serve both businesses and individuals gives it a unique position in the market. While its primary focus has been on Africans living within the continent, Raenest is now looking to extend its reach to Africans in the diaspora as well.

“The mission is to become a trusted financial platform that makes it easier for people to manage their funds globally,” Alade said.

With its latest funding, Raenest is poised to scale further, reinforcing its role in Africa’s evolving digital payments landscape.