While the technological ecosystem of Africa makes fun, more people in the region win jobs at a distance with large technological companies and global startups. But being paid remains a challenge for many of these distant freelancers and workers – they find it difficult to open accounts that accept US dollars, face slow billing and payment processes, and that does not help when their foreign employers use incompatible payment platforms.
Lagos Raenest is one of the many African fintechs that have intervened to solve this problem. Thanks to its retail product, Geegpay, Raenest offers Virtual USD, GBP and EUR accounts to receive payments, manage portfolios with several currencies and convert currencies. It also provides virtual and physical debit cards that accept several currencies such as US dollars.
Last March, the company expanded its platform to respond to companies to rationalize international funds with a new brand, Raenest for business. Now, the startup has raised $ 11 million in series A series financing, led by Qed Investors, to extend its scope across Africa.
Growth beyond freelancers
Interestingly, Raenest did not start with the freelancers in mind. Victor Aladewith co-founders Sodruldeen Mustapha And Richard OyomeLaunched the company in 2022 as a registration employer (EOR), helping foreign companies to pay African employees in accordance with local standards.
But a few months later, the founders realized that the real problem had not remained with the companies that send payments – it was with individuals who had trouble receiving them.
“An American company may not worry about a delayed five -day payment, but for someone in Nigeria or Kenya, it is a big problem – especially when the converting into local currency becomes another obstacle”, He, he, a former software engineer at Jumia and Anda, told Techcrunch.
Inspired by his remote work experience, Alade and his co-founders, who also bring experience in work with African financial technologies like Lemfi and Fairmoney, pivoted to approach this point of pain.
Geegpay quickly gained ground with the freelancers, but commercial registrations also started to increase. The team realized that African companies also needed foreign accounts to rationalize cross -border transactions. “Companies have started to ask if they could obtain fixed bank accounts to simplify payments. This is where we started to think: what is this opportunity? Who else builds for Africa? Alade said.
The addition of Raenest’s business bank could not have arrived at a better time. At that time, Fintech based in the United States Mercury began to restrict business accounts of several countries, including some parts of Africa. Meanwhile, competition in the EOR space was heating up, with major players like Deel is starting to consider serving the continent more closely.
These events prompted Raenest to look at what he considered a better opportunity: to provide African companies with a way to receive and send international payments.
A viable gambit
The bet seems to bear fruit. Since its launch in 2022, Raenest has treated more than a billion dollars in payments – an increase of 160% in the past two years – to freelancers and businesses across the continent. Today, more than 700,000 people use the platform to receive world platform payments such as Upwork, Fiverr and Gusto. They also use it for online purchases and subscriptions.
On the company side, more than 300 companies count on Raenest to collect payments from international customers, raise capital from investors and make cross -border payments. His list of customers includes startups like Moniepoint, Helium Health, Fez Delivery and Matta.
Raenest is in competition with several fintech startups offering multi-monnactor accounts to African customers, including AFRIEX, ClevaFincra, Gray,, Vero And Leather. Alade argues that Raenest has an advantage because it targets individuals and businesses, unlike most players who are exclusively aimed at one of these customer characters.
The company’s ambitions extend beyond cross-border payments. “We want to create a safe and transparent financial ecosystem for Africans – helping them win, invest and develop their wealth, no matter where they are in the world,” said Alade, alluding to launching products to come .
Expansion plans
Currently, Raenest operates in Nigeria by virtue of a money transfer license. As part of its growth plans, the company will seek to deepen its presence in Nigeria and to obtain licenses in Egypt, Ghana, Kenya and the United States
The company has banking partnerships in the United States and the United Kingdom, and it also strives to secure more in these regions as it evolves. Along the way, the company aims to attract talents to support its expansion because it brings Geegpay and Raenest for business under a single brand, Raenest.
The A series has passed Raenest’s total funding at $ 14.3 million.
The main investor QED, one of the best companies in VC Fintech in the world, has regularly increased its footprint in Africa since 2022. He supported five fintech startups on the continent: Moniepoint,, Catch -up wisdom,, Precision,, Cedar silverAnd now, Raenest.
“We firmly believe that in filling the gap between local and world markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, which ultimately stimulates greater economic empowerment across the continent,” said Declared Gbenga Ajayi, partner and head of Africa and in the middle and in the East at the QED investors.
The other round investors included Pan-African companies from VC Norrsken22, the Ventures platform, P1 companies and stars.