Raenest, a Nigerian fintech company with offices in Kenya, has raised $11 million in a Series A funding round to invest in market expansion and product refinement.
The round was led by QED Investors, bringing the startup’s total funding to $14.3 million. Norrsken22, Ventures Platform, P1 Ventures and Seedstars also participated in the round.
Raenest was founded in 2022 and raised $700,000 in pre-funding that year, and $2.6 million in 2023.
The company now plans to increase its presence in other African countries focus on the gig economy to outperform dozens of fintech companies in these markets.
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“Our journey over the past two years has been characterized by innovation, collaboration and a shared vision to build a sustainable, globally impactful business that bridges the economic and digital divide,” said Victor Aredo, founder and CEO of the startup.
Through partnerships with UK and US banks, Raenest enables businesses using its platform to receive international payments and manage multiple wallets. Its consumer product, Geegpay, is tailored for freelancers who get paid through Upwork, Fiverr and Gusto.
The fintech company, which plans to launch in the US and Egypt, has processed more than $1 billion in payments since its founding.
The bet seems to have paid off. Since its launch in 2022, Raenest has processed more than $1 billion in payments to freelancers and businesses across the African continent, a 160% increase over the past two years. Today, over 700,000 people use the platform to receive payments from global platforms such as Upwork, Fiverr, and Gusto. It is also used for online purchases and subscriptions.
On the business side, over 300 companies use Raenest to collect payments from overseas customers, raise funds from investors, and make cross-border payments. The company’s clients include startups such as Moniepoint, Helium Health, Fez Delivery and Matta.
