Raenest Raises $11 Million In Series A Round

Raenest, a Nigerian fintech company that focuses on cross-border payments and multicurrency accounts for African businesses and professionals, has announced a successful $11 million Series A funding round. This investment, led by QED Investors, along with Norrsken22, Ventures Platform, p1 Ventures and Seedstars brings Raenest’s total funding to $14.3 million, cementing its position as a key player in facilitating international transactions for a rapidly growing market.

This capital injection will fuel Raenest’s ambitious expansion plans, enhance its innovative product offerings, and further strengthen its robust technology infrastructure. The company is focused on deepening its operations within Nigeria while simultaneously solidifying its presence in Kenya. Looking beyond the continent, Raenest plans to launch in the United States and Egypt this year, broadening its reach to serve Africans both at home and abroad.

The fintech directly addresses the complex and often frustrating challenges faced by freelancers and businesses when navigating international payments. Traditional banking systems, with their high fees, unfavourable exchange rates, and protracted processing times, create significant hurdles for individuals and businesses trying to manage their finances across borders efficiently. Raenest simplifies this intricate process by providing multicurrency accounts that empower users to seamlessly receive, hold, and send funds in multiple currencies, all from a single, intuitive platform.

“We’re excited to announce that Raenest has raised $11 million in Series A funding! ,” read their LinkedIn post. “With over 700,000+ customers, 300 businesses, and $1B+ in processed payments, we’re scaling even further.

“With this funding, we’ll strengthen our presence in Nigeria and Kenya, expand into the U.S. and Egypt, and continue removing the barriers that limit Africans from accessing seamless financial services,” it further read.

Raenest’s innovative platform offers a suite of features designed to empower freelancers and businesses in the global marketplace such as multicurrency accounts, fast and secure transfers, competitive exchange rates, virtual cards, expense management tools and seamless integration with popular freelancing platforms and payment getaways.

As the demand for seamless and efficient cross-border payment solutions continues to surge, Raenest is strategically positioned to play a leading role in empowering African freelancers and businesses to thrive in the interconnected global economy.