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Key Points
- Lagos-based fintech Raenest raised $11 million in a Series A round led by QED Investors to expand cross-border payment services.
- Raenest plans to enter Egypt and the U.S., adding expense management, savings, and investment tools to its offerings.
- The startup has processed over $1 billion in payments for 700,000+ users, tackling cross-border payment challenges for freelancers and businesses.
Raenest, a Lagos-based fintech helping remote workers receive payments globally, has raised $11 million in a Series A funding round. The company, led by Nigerian tech entrepreneur Victor Alade, plans to use the funds to expand its cross-border payment services into new markets.
The round was led by QED Investors, with participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This latest funding follows a $700,000 pre-seed round in 2022 and a $2.6 million seed round in 2023, bringing Raenest’s total funding to $14.3 million.
Raenest grows, empowering African freelancers
With this fresh capital, Raenest aims to broaden its reach beyond Kenya, Ghana, Tanzania, and Uganda, with plans to launch in Egypt and the U.S. The company also intends to introduce new features, including expense management, savings, and investment tools.
Commenting on the funding, CEO Victor Alade said Raenest remains committed to breaking down financial barriers for Africans. “This funding, backed by new and existing investors who share our vision, will help us scale our solutions and deepen our impact across the continent. We’re excited to keep building tools that connect Africa to the world and foster inclusive growth,” he said.
Lexi Novitske, General Partner at Norrsken22, highlighted the need for Raenest’s solutions. “Africa’s gig economy is expanding by 20% annually, yet cross-border payment challenges persist. Our investment in Raenest reflects our confidence in their ability to bridge this gap and unlock new opportunities for Africa’s global workforce,” she said.
Raenest scales cross-border payment solutions
Raenest was founded in 2021 after Alade identified a gap in the gig economy. With experience at Acumen Fund in the U.S., where he developed Acumen Academy, and at Andela, where he worked as a Senior Software Engineer and Salesforce Screener, Alade brought a deep understanding of fintech and payment infrastructure. He previously built a cryptocurrency payment gateway at Jostpay, enabling African businesses to accept crypto payments, and played a key role in JumiaPay’s technical integration across multiple countries.
Initially launched as an Employer of Record (EOR), Raenest later pivoted to help businesses and freelancers receive international payments, convert currencies, and manage multi-currency wallets. The platform allows users to open global bank accounts, access physical and virtual dollar cards, and process transactions in USD, EUR, and GBP. To date, Raenest claims to have served over 700,000 customers and processed more than $1 billion in payments.
