Raenest, a fintech company optimizing cross-border money management for Africans, has raised $11 million in Series A funding. The investment round was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This brings Raenest’s total venture funding to $14.3 million.
The funding will fuel Raenest’s expansion into new markets, including the U.S. and Egypt, while strengthening its presence in Nigeria and Kenya. The company plans to enhance its multi-currency wallets, global accounts, and payment processing tools. Additionally, Raenest is scaling its team with top talent to improve customer experience and maintain reliable, efficient services.
Raenest is also forging partnerships with financial institutions in the U.S., U.K., and beyond to offer faster, more secure, and seamless cross-border transactions. This comes at a critical time as Africa’s gig economy grows by 20% annually, yet cross-border payment challenges persist. With the global cross-border payments market projected to reach $320 trillion by 2032, Raenest is positioning itself as a key player in unlocking opportunities for Africans.
Since its launch in 2022, Raenest has welcomed over 700,000 individual customers, processed more than $1 billion in payments, and empowered 300+ businesses, including MoniePoint, Helium Health, and Fez Delivery. Its platform, Geegpay, caters to freelancers, creators, and remote workers, enabling them to receive payments in multiple currencies with lower fees and faster processing times.
