• Raenest secures USD 11 million in Series A funding, led by QED Investors, Norrsken22, and other prominent investors.
• With the funding, Raenest aims to expand into Egypt and the United States, whilst solidifying its presence in Nigeria and Kenya.
• Raenest aims to simplify cross-border money management by providing financial tools for businesses and freelancers across Africa and beyond.

Nigerian-based Raenest, a global multi-currency platform, secured USD 11 million in Series A Funding. The round was led by QED Investors, Norrsken22, alongside Ventures Platform, P1 Ventures, and Seedstars. 

Expanding to Egypt

“Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors

With this funding, Raenest aims to expand its operations in Nigeria whilst solidifying its Kenyan presence. It also plans to expand to the United States and Egypt in order to broaden its impact within the continent and internationally. Additionally, it also aims to attract talent in order to support its growth as well as form additional collaboration with global financial institutions.  

Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB]. Furthermore, they aim to secure additional licenses in other jurisdictions. Additionally, they have established partnerships with US and UK banks to support their operational stability and reliability. 

Raenest

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR). This is before evolving into a platform that aims to redefine global banking for Africans. In this, they aid businesses and freelancers to receive international payments, convert between currencies, operate a multi-currency wallet while seamlessly managing transactions. In addition, it also enables customers to open global bank accounts, access physical and virtual dollar cards and management payments in USD, EUR and GBP.

In short, Raenest aims to deliver fast, transparent and affordable financial tools that simplify cross border money management.

“At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services.”

Victor Alade, CEO of Raenest

With the series A funding, Raenest seeks to expand its reach and strengthen its role in the cross-border payments industry. This comes amid the industry being projected to reach USD 320 trillion by 2032 and Africa being one of the fastest-growing regions for global transactions. 

Ultimately, through scaling its infrastructure, forging international partnerships and enhancing multicurrency offerings, Raenest aims to enable African business and individuals to participate fully in the global economy.