On Tuesday, Raenest, a Nigerian fintech firm that provides a platform for multi-currency accounts for African individuals and businesses, announced it had raised $11 million in Series A funding.
This brings the company’s total funding to $14.3 million.
QED Investors led the investment round, which included participation from pan-African venture capital firms such as Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
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Raenest’s global expansion: U.S., Egypt next
Raenest plans to use the funds to deepen its operations in Nigeria and strengthen its presence in Kenya. The company also intends to expand into the United States and Egypt.
Raenest holds licences in Nigeria as an approved International Money Transfer Operator (IMTO) and Canada as a Money Services Business (MSB) and is working to secure additional licenses. They also plan to form additional collaborations with financial institutions worldwide.
Raenest: Simplifying global payments for businesses and freelancers
Established in 2022, Raenest initially operated as an Employer of Record (EOR) before pivoting to facilitate international payments for businesses and freelancers.
The company provides virtual accounts in USD, GBP, and EUR through its retail product, Geegpay, which helps users manage multi-currency wallets, accept payments, and convert currencies. Additionally, users have access to both physical and virtual debit cards.
Victor Alade, CEO of Raenest, stated that the funding will allow the startup to continue to address the barriers that prevent Africans from accessing seamless financial services.
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“This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity”.
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, expressed support for Raenest’s efforts to redefine cross-border banking for Africans.
“We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent”.