Raenest Secures $11M Series A to Expand Global Multi-Currency Banking for Africans

Raenest-cofounders from LR: Richard Oyome Sodruldeen Mustapha and Victor Alade

In just two years, Raenest has transformed from a startup tackling Africa’s payment bottlenecks into a fintech powerhouse redefining cross-border financial services for businesses and individuals. With its latest $11 million Series A funding led by QED Investors—joined by Norrsken22, Ventures Platform, P1 Ventures, and Seedstars—the company is accelerating its mission to simplify global banking for Africans.

Raenest’s rapid growth underscores the increasing demand for seamless international transactions, particularly among Africa’s booming gig economy and remote workforce. Since its founding in 2022, the company has facilitated over $1 billion in payments for more than 700,000 users and 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta. Its flagship consumer product, Geegpay, has become a lifeline for freelancers, creators, and solopreneurs, offering them frictionless payment solutions across platforms like Upwork, Fiverr, and Gusto.

The Series A funding signals a new chapter for Raenest. With licenses as an International Money Transfer Operator (IMTO) in Nigeria and a Money Services Business (MSB) in Canada, the company is now setting its sights on expanding into Kenya, the United States, and Egypt. Strategic partnerships with banks in the U.S. and U.K. further solidify its global presence.

For co-founder and CEO Victor Alade, the journey has been about breaking down financial barriers. “Our vision has always been to build a sustainable, globally impactful business that bridges economic and digital divides. This funding fuels our mission to connect Africa to the world and drive inclusive growth.”

Raenest’s rise aligns with Africa’s increasing integration into the global digital economy. As the continent’s cross-border payments industry is projected to hit $320 trillion by 2032, the company is poised to play a pivotal role in ensuring African businesses and individuals can fully participate.

With strong investor backing and a clear expansion roadmap, Raenest isn’t just shaping the future of African fintech—it’s rewriting the rules of global money movement.

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