As Africa’s tech ecosystem grows, more professionals secure remote jobs with global firms. However, getting paid remains a challenge. Many struggle to open USD accounts, face slow invoicing processes, and deal with incompatible payment platforms.
Lagos-based Raenest is tackling this issue. Through its product, Geegpay, the company offers freelancers virtual USD, GBP, and EUR accounts. Users can receive payments, manage multi-currency wallets, and access virtual and physical debit cards.
New Funding to Fuel Growth
Now, Raenest raises $11M in Series A funding to expand across Africa. The round, led by QED Investors, will help the company scale operations in Nigeria and enter Egypt, Ghana, Kenya, and the U.S.
Initially launched as an Employer of Record (EOR) service, Raenest shifted its focus to solving payment challenges for individuals. This pivot led to rapid adoption among freelancers. As demand grew, businesses also turned to the platform for cross-border transactions.
Solving Payments for African Businesses
Freelancers weren’t the only ones facing hurdles. African companies needed foreign accounts for seamless international payments. The company seized this opportunity, introducing Raenest for Business to help enterprises receive and send funds globally.
With U.S.-based Mercury restricting business accounts in parts of Africa and competition in the EOR space intensifying, Raenest focused on its core strength: simplifying international payments for African businesses.
Strong Growth and Market Expansion
Since its launch in 2022, Raenest has processed over $1 billion in payments, growing by 160% in two years. Today, more than 700,000 individuals and 300 businesses rely on the platform for transactions. Startups like Moniepoint, Helium Health, and Fez Delivery use Raenest for global payments and capital raising.
The fintech competes with Afriex, Cleva, Fincra, Grey, Verto, and Leatherback. However, CEO Victor Alade believes Raenest holds an edge by serving both individuals and businesses, unlike most competitors that target only one segment.
Future Plans and Expansion
Currently, Raenest operates in Nigeria with a money transfer license. The company plans to obtain licenses in key African and Western markets to strengthen its banking partnerships. It also aims to unify Geegpay and Raenest for Business under a single brand.
With backing from top investors like QED, Norrsken22, Ventures Platform, and Seedstars, Raenest raises $11M to fuel its vision of building a seamless financial ecosystem for Africans. The company remains focused on enabling users to earn, invest, and grow wealth wherever they are.
