Raenest Raises $11m In Series A led By QED Investors

Raenest, a Nigerian fintech startup focused on enabling seamless payments for remote workers, has successfully raised $11 million in Series A funding led by QED Investors.

This round brings the company’s total funding to $14.3 million, with participation from pan-African VC firms such as Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

Raenest plans to use the funds to expand its operations in Nigeria and Kenya, while also preparing to enter markets in the United States and Egypt. This expansion will help the company broaden its reach to both African users and the diaspora, strengthening its global presence. The company’s solutions provide multicurrency accounts, seamless international payments, and wallet services, catering to over 700,000 customers and 300 businesses, including notable clients like MoniePoint and Helium Health.

Founded in 2022 by Mr. Victor Alade, Mr. Sodruldeen Mustapha, and Mr. Richard Oyome, Raenest originally operated as an Employer of Record (EOR) before evolving into a global banking platform. With licenses in Nigeria and Canada, the fintech aims to further secure key licenses and form strategic partnerships with financial institutions worldwide to enhance its operational reliability.

Mr. Alade, Chief Executive Officer of Raenest, expressed excitement over the funding, emphasising the company’s mission to break down barriers for Africans seeking easy access to financial services. Mr. Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, highlighted Raenest’s potential to redefine cross-border banking, empowering African businesses, freelancers, and entrepreneurs.