Nigerian fintech startup Raenest has secured $11 million in a Series A funding round led by QED Investors, positioning the company for expansion across Africa and key global markets.
The latest funding brings Raenest’s total investment to $14.3 million and underscores investor confidence in the startup’s mission to facilitate seamless cross-border payments for remote workers and businesses.
Other investors in the round include pan-African venture capital firms Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
The funding will enable Raenest to scale its operations in Nigeria while strengthening its presence in Kenya.
Also, the company plans to expand into the United States and Egypt within the year, broadening its services to support Africans both on and off the continent.
Raenest, which operates as an approved International Money Transfer Operator (IMTO) in Nigeria and a licensed Money Services Business (MSB) in Canada, is working to secure additional licenses in key financial jurisdictions.
The company has already established strategic partnerships with major banks in the United States and the United Kingdom, ensuring operational stability as it scales its cross-border payment infrastructure.
The fintech firm competes in a rapidly evolving sector that includes other African-focused cross-border payment providers such as Afriex, Cleva, Grey, Verto, and Leatherback.
However, Raenest has differentiated itself through its integrated multi-currency wallet and employer-focused payment solutions, helping businesses and freelancers manage global transactions with ease.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) before evolving into a full-scale global banking platform for African freelancers and businesses.
The company provides payment solutions that allow users to receive international payments, convert between currencies, and manage financial transactions seamlessly.
Since its inception, Raenest claims to have attracted over 700,000 individual users and processed more than $1 billion in transactions. The platform also serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Speaking on the latest funding round, Raenest CEO Victor Alade reaffirmed the company’s commitment to breaking down barriers in Africa’s financial sector.
“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,” Alade stated.
Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, also emphasized the broader economic impact of Raenest’s expansion.
“At QED, we’re thrilled to support Raenest as they 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,” he said.
With its latest funding, Raenest aims to enhance its operational capacity, attract top talent, and deepen its market penetration across Africa and beyond. As competition in the fintech sector intensifies, the company’s strategic push for regulatory approvals and banking partnerships positions it as a key player in Africa’s evolving digital financial landscape.
