Raenest Secures $11M in QED-Led Funding to Revolutionize Global Banking Solutions

Raenest, a pioneering FinTech company focused on providing global multi-currency accounts, has made significant strides in enhancing financial access for individuals and businesses across Africa. The company recently announced that it secured $11 million in a Series A funding round, boosting its total venture capital to $14.3 million.

Funding Details and Investor Participation

The funding round was spearheaded by QED Investors, with notable participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This investment marks a pivotal moment for Raenest, which was founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome. Initially operating as an Employer of Record (EOR), Raenest has transformed into a versatile cross-border banking platform.

Core Services Offered by Raenest

Raenest is dedicated to empowering African businesses and freelancers by offering a suite of services, including:

• International Payments: Seamlessly receive payments from across the globe.
• Currency Conversion: Effortlessly convert between multiple currencies.
• Multi-Currency Wallets: Manage transactions in various currencies.
• Global Bank Accounts: Open accounts in your name.
• Virtual and Physical Dollar Cards: Make transactions in USD, EUR, and GBP.

Currently, Raenest serves over 700,000 individual customers and supports more than 300 businesses, including reputable names like MoniePoint and Helium Health. The platform has successfully processed over $1 billion in payments.

Expansion Plans and Future Prospects

The newly acquired funding will facilitate Raenest’s expansion efforts in Nigeria and Kenya, as well as its entry into the U.S. and Egypt later this year. The company intends to invest in talent acquisition and strengthen its partnerships with global financial institutions.

Raenest holds licenses in Nigeria as an International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB). The company is actively seeking additional regulatory approvals in key regions while establishing strategic partnerships with major banks in the U.S. and the U.K.

Geegpay: A Solution for Africa’s Gig Economy

In addition to its core offerings, Raenest operates Geegpay, a tailored solution for Africa’s gig economy. This platform enables freelancers, creators, and remote workers to receive payments from global platforms such as Upwork and Fiverr while minimizing transaction fees.

Leadership Insights

According to Raenest CEO Victor Alade, “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. This funding, supported by both new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent.”

QED Investors partner and head of Africa and the Middle East, Gbenga Ajayi, added, “We’re thrilled to support Raenest as they redefine cross-border banking for Africans, unlocking new opportunities for entrepreneurs and driving economic empowerment across the continent.”

For more information about Raenest and its innovative financial solutions, visit their official website at Raenest.