Raenest Raises $11M to Expand Cross-Border Payments for Africans

STARTUP VENTURE CAPITALFebruary 11, 2025 at 5:20 PM UTC

TLDR

Lagos-based fintech Raenest has secured $11 million in Series A funding led by QED Investors
Raenest initially started as an Employer of Record (EOR) but pivoted to focus on solving payment challenges
Since launch, the platform has processed over $1 billion in payments, growing 160% in two years

Lagos-based fintech Raenest has secured $11 million in Series A funding, led by QED Investors, to expand its cross-border payment services for freelancers and businesses across Africa.

The startup, which launched in 2022, provides virtual USD, GBP, and EUR accounts, multi-currency wallets, and international remittance solutions. Since its launch, the platform has processed over $1 billion in payments, growing 160% in two years.

Raenest initially started as an Employer of Record (EOR) but pivoted to focus on solving payment challenges for freelancers and businesses. Its Geegpay product has attracted 700,000 users, while over 300 companies use Raenest for international transactions.

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Key Takeaways

Raenest’s dual focus on individuals and businesses differentiates it from competitors like Afriex and Grey, which primarily serve one segment. The fintech operates in Nigeria under a money transfer license and plans to expand into Egypt, Ghana, Kenya, and the U.S. Investors in this round include Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, reflecting strong confidence in Africa’s fintech sector. Raenest is also consolidating Geegpay and Raenest for Business under one brand, positioning itself as a full-service financial platform for Africans earning, saving, and transacting globally.

Venture Capital

Remittances

Cross-Border Payments

QED Investors

Fintech

Raenest

Series A