QED is investing $ 11 million in Nigerian Fintech Raenest

As the technological ecosystem in Africa rebirths, more local talents are landing remote jobs with large technology companies and global start -ups. But receiving payment remains a challenge for many of these freelancers and remote workers. They are struggling to open accounts that accept US dollars, with foreign employers using incompatible payment platforms and facing slow billing and payment processes.

Enter RanestOne of the many local Fintech who intervened to correct this. The company has just raised $ 11 million in a series of funding, led by QED investors to expand its range across Africa.

Through your product at retail, GogpayStarted in early 2022, Raenest offers Freelancers Virtual USD, GBP and EUR accounts. These accounts help them receive payments, manage portfolios with many currency and convert currencies. Raenest also provides virtual and physical debit cards that accept multiple currencies as US dollars.

Last March, Lagos -based Raenest expanded beyond freelance with Ranest for businessA platform that provides the same financial services to the African business, which allows them to send and receive international payments.

Growth beyond freelancers

Interestingly, Raenest did not start with freelancers. Victor Aladealong with co -founders Sodruldeen Mustapha and Richard OyomThe company started in 2022 as an employer of Record (EOR) – assisting foreign companies to pay African employees together.

However, several months, the founders realized that the real problem was not from companies that send payments, but with persons struggling to receive them.

“An American company may not be interested in whether the payment has been delayed within five days. But for one of Nigeria or Kenya, this is a big deal – especially when converting to a local currency, it becomes another obstacle, “said Executive Director Aldee, a former software engineer at Jumia and Andel, in front of TechCrunch.

He also draws from his remote work experience, Alades and his co -founders, who also have experience in working with African Fintech such as Lemfi and Fairmon, have directed Raenest’s focus on dealing with this pain.

Geegpay quickly gained grip among freelancers, but business registrations began to increase. The team realized that African companies also need foreign accounts to optimize cross -border transactions. “The business began to ask if they could receive fixed bank accounts to simplify payments,” Aladde added. “Then we started to think: How big is this opportunity? Who else builds for Africa? “

Adding a business banking couldn’t come to a better moment. Around the same period based in US Fintech Mercury began to limit business accounts from several countries, including parts of Africa. This created a gap on the market, giving local fintechs as Raenest the opportunity to serve business customers.

Meanwhile, the EOR space was quite competitive with the main players like Diel begins to look at the continent more closely.

These events made Raenest bend over what he saw as a better opportunity: offering the African business way to receive and send international payments.

Scales to serve individuals and companies

This bet pays off. Since its launch in 2022, Raenest has cultivated over $ 1 billion in payments – 160% of 2023 and 2024 – serving freelancers and businesses across the continent. Today, over 700,000 people use the platform to receive payments from global platforms such as Upwork, Fiverr and Gusto. They also use it for online shopping and subscriptions.

On the other hand, over 300 businesses rely on Raenest to collect payments from international clients, raise capital from investors and make cross -border payments. Its customer list includes African startup companies such as Moniepoint, Helium Health, Fez Delivery and Matta.

Raenest competes with several Fintech startup companies offering multinctoral customer accounts in Africa, including AFRIEX., Slander., Gray., Softenand LeatherS Alade claims that Raenest has an advantage as it is aimed at people and companies, unlike most players who take care of one type of client. Beyond its double approach, Raenest gives priority to speed, security, reliability and consumer observance, Aladde said.

Raenest’s ambitions extend beyond cross -border payments. “We want to create a safe and hassle -free financial ecosystem for Africans – helping them to win, invest and develop their wealth, no matter where they are in the world,” Aladde said, hinting at the upcoming launches of products.

Plans to expand

Currently, the three -year -old Fintech operates in Nigeria under a license to transfer money. As part of its next phase of growth, the company will look to deepen its presence in Nigeria while providing enlargement licenses in Egypt, Ghana, Kenya and the United States, which will allow Raenest to serve Africans on the continent and in the diaspora S

With banking partnerships in the US and UK, Raenest also works to provide more in these regions as it scales. Along the way, the company aims to attract the best talents to support its expansion, even when wearing Geegpay and Raenest for a business under one brand, Raenest.

The latest series of $ 11 million A round has led to Raenest’s total funding to $ 14.3 million.

Leading investor Qed, one of the world’s best Fintech VC companies, is constantly increasing his print in Africa since 2022. He supported five startups providing financial services on the continent: Moniepoint., Corrective health., Price., CedarAnd now Raenest.

“We firmly believe that by overcoming the difference between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, will eventually lead to more economic empowerment of the entire continent,” says Gbenga, partner, partner and head of Africa and the middle east at Qed Investors.

Other investors in the circle include Pan-African VC companies for an early age to growth, such as Norrsken22, Ventures Platform, P1 Ventures and Seedstars.