Nigerian fintech startup Raenest has secured $11 million in a Series A funding round to enhance its cross-border payment solutions for African businesses and professionals. The investment was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, bringing Raenest’s total venture funding to $14.3 million.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest offers a multi-currency platform that enables individuals and businesses across Africa to:
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Receive international payments.
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Convert currencies.
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Manage multi-currency wallets.
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Access virtual and physical debit cards in USD, EUR, and GBP.
Since its inception, Raenest has onboarded over 700,000 individual customers, processed more than $1 billion in payments, and served over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
The recent funding will support Raenest’s expansion into new markets, including the United States and Egypt, while strengthening its presence in Nigeria and Kenya. The company plans to enhance its services, focusing on seamless multi-currency wallets, global accounts, and payment processing tools to facilitate smoother transactions for its users.
Victor Alade, Co-Founder of Raenest: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. This funding provides the momentum to scale our solutions and expand our impact across the continent.”
Gbenga Ajayi, Partner at QED Investors: “Raenest’s commitment to financial inclusion, combined with a seamless user experience, positions them as a game-changer in the region’s fintech landscape. We believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses.”
This investment underscores the growing confidence in fintech solutions that address the unique financial challenges within the African continent, positioning Raenest as a key player in the region’s digital financial ecosystem.
Read more on Tech Gist Africa:
Accrue, a Nigerian fintech startup has raised $1.58 million in seed funding
Visa Invests in Nigeria’s Moniepoint to Enhance Financial Services for African SMEs
LemFi, a Nigerian fintech startup, has raised $53 million in its Series B funding round
