The Nigerian startup Fintech Raenest, a multi-money account platform for individuals and businesses across Africa, has raised 11 million dollars in series A to extend its scope on existing and new markets.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha and Richard Oyome, Raenest Initially operated as a registration employer (EOR) before evolving to a platform that redefines the World Bank for Africans, helping businesses and self-employed people receive international payments, converting currencies, exploiting a multi- currency, while managing transactions transparently.
The platform also allows customers to open global bank accounts in their names, access cards in dollars in physical and virtual and manage payments in USD, EUR and GBP. To date, the company has raised more than 700,000 individual customers, processed more than a billion dollars in payments and has served more than 300 companies. It also offers a consumer -oriented product, Geegpaywhich provides the economy of Africa concerts effective payment solutions.
Raenest has obtained a cycle of US $ 11 million in the A series A, which has taken up total capital to date at $ 14.3 million. The Tour was led by Qed Investors, with the participation of Norrsken22, alongside the Ventures follow -up investment Platform, P1 Ventures and Seedstars.
With this new funding, Raenest aims to deepen its operations in Nigeria, while strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year.
“At Raenest, we are committed to approaching the obstacles that prevent Africans from accessing transparent financial services. Our journey in the past two years has been shaped by innovation, collaboration and a shared vision to build a sustainable and impactful company that praises economic and digital divisions, “said Alade.
“This funding, supported by new and existing investors who share our mission, provides the momentum to develop our solutions and extend our impact on the continent. We are delighted to continue to build solutions that connect Africa to the world and to stimulate inclusive growth and prosperity. »»
Gbenga Ajayi, partner and head of Africa and the Middle East at Qed Investors, said that he was “delighted” to support Raenest because he redefined cross-border banks for Africans.
“Their commitment to financial inclusion, combined with transparent user experience, positions Raenest by changing the situation in the fintech landscape of the region. 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, ” he said.