The funding round was led by QED Investors, with additional support from Norrsken22 and continued investment from Ventures Platform, P1 Ventures, and Seedstars.

This latest equity-based investment brings Raenest’s total venture funding to $14.3 million.

Raenest’s retail product, Geegpay, provides freelancers with virtual accounts in USD, GBP, and EUR, allowing them to receive payments, manage multi-currency wallets, and perform currency conversions.

Additionally, users have access to both virtual and physical debit cards for seamless international transactions.

In March 2023, the company expanded its services to businesses under the Raenest for Business brand, streamlining international remittance processes for enterprises operating in Africa.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) service to help foreign companies pay African employees while ensuring compliance with local regulations.

However, the co-founders quickly identified a more pressing challenge: individuals struggling to receive payments efficiently.

“A U.S. company might not be affected by a five-day delay in payments, but for someone in Nigeria or Kenya, such delays can significantly impact their finances, especially when converting to local currency,” said CEO Victor Alade.

Since its inception, Raenest has processed over $1 billion in payments, marking a 160% growth over two years.
The platform currently supports more than 700,000 freelancers who receive payments from platforms such as Upwork, Fiverr, and Gusto.

Additionally, over 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, use Raenest for cross-border transactions.

Commenting on the investment, Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, stated:

“At QED, we’re excited to support Raenest as they revolutionize cross-border banking for Africans. Their commitment to financial inclusion and seamless user experience makes them a transformative player in the fintech space.”

Lexi Novitske, General Partner at Norrsken22, also highlighted the importance of Raenest’s mission, noting:

“Africa’s gig economy is expanding by 20% annually, yet cross-border payment challenges remain. Raenest is addressing a critical gap, ensuring freelancers and businesses can efficiently receive and manage their funds.”

The investment aims to enhance connections between farmers and fast-moving consumer goods (FMCG) companies, strengthening Nigeria’s agricultural supply chains.

Agriarche plays a crucial role in addressing challenges within Nigeria’s fragmented commodity value chains.

The funding will enable the enterprise to expand its reach, ensuring stable pricing for farmers and optimizing the agricultural supply network for FMCG companies.

According to Deji Adebusoye, a partner at Sahel Capital, Agriarche is making a significant impact on smallholder farmers’ livelihoods by leveraging technology to reduce the distance between farmers and economic hubs.

This has led to fairer pricing and greater reinvestment opportunities for farmers.

“By partnering with Agriarche, FMCG companies can drive meaningful impact for smallholder farmers, who remain the backbone of Nigeria’s food system,” Adebusoye noted.

Sahel Capital manages multiple funds, including the Fund for Agricultural Finance in Nigeria (FAFIN), which supports SME agribusinesses in the country, and SEFAA, which provides structured debt financing to agribusiness SMEs across 13 sub-Saharan African countries.

The firm is also in the process of raising capital for a new investment initiative, the Sahel Capital Agribusiness Fund II, aimed at expanding agribusiness opportunities across West Africa.

Co-founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures is a contrarian VC firm that aims to support early-stage tech entrepreneurs through strategic funding and mentorship.

With a portfolio spanning 34 companies in 10 countries, the firm has now attracted investment from a diverse group of backers, including African conglomerates, family offices, global VC partners, and the International Finance Corporation (IFC).

P1 Ventures’ total assets under management now exceed $60 million, reinforcing its commitment to fueling innovation on the continent.

The firm has backed startups in different sectors such as fintech and artificial intelligence (AI), focusing on businesses poised for high-impact growth.

“From game-changing fintech to pioneering AI applications, we’re uniquely positioned to identify opportunities and support their growth,” said Hisham Halbouny, managing partner at P1 Ventures.

“Great companies are often built in tough times, and today’s founders are more frugal, focused, and realistic about valuations. We believe this may be the greatest vintage ever.”

With this latest fund, P1 Ventures is set to play a pivotal role in shaping Africa’s tech landscape by supporting visionary founders in scaling their businesses across the continent.

The investment marks a significant milestone for the Moroccan-based company, which has gained a strong foothold in the eyewear market within just four years.

The startup, known for its stylish and affordable eyewear, leverages a fully digitized supply chain to serve a broad customer base.

Since raising $335,000 in 2021, LNKO has grown to serve over 100,000 customers, established 10 retail locations across Morocco, and built a robust online presence spanning 24 countries.

Beltone Venture Capital views this investment as a strategic move in its broader efforts to support high-potential businesses across Africa.

Ali Mokhtar, CEO of Beltone Venture Capital, underscored LNKO’s impressive growth and innovative business model, stating that the company aligns with Beltone’s commitment to backing transformative ventures in the region.

LNKO’s CEO and Founder, Maha Bennani, expressed enthusiasm about the partnership, emphasizing Beltone’s expertise in scaling D2C businesses.

With this investment, LNKO aims to accelerate its expansion and make high-quality, stylish eyewear accessible to more consumers across the continent.

The initiative is designed to support the continent’s expanding adoption of blockchain technology by providing financial backing and mentorship to emerging enterprises.

The fund will offer grants of up to $150,000 to pre-seed and seed-stage startups, with the potential for larger investments for projects utilizing StarkNet, the company’s proprietary decentralized application platform built on Ethereum.

The initiative will focus on high-potential startups across West, South, and East Africa, emphasizing teams that demonstrate a blend of strong technical expertise and deep local market understanding.

Kheireddine Kamal, Head of Africa Ventures at StarkWare, highlighted the program’s objectives, stating:

“We are looking for projects in African countries where economic conditions such as high inflation, volatile exchange rates, or low financial inclusion make blockchain solutions particularly relevant.”

In addition to financial support, selected startups will receive mentorship and the possibility of securing further investments of up to $500,000 from StarkWare, with even larger amounts available for standout projects.

StarkNet aims to provide African businesses with an alternative to traditional financial systems, leveraging blockchain’s scalability and efficiency.

Africa’s rapidly growing young population and increasing adoption of digital assets position the continent as a key player in the global blockchain ecosystem.

With consumer and business spending in Africa projected to reach $6.7 trillion by 2030, the demand for blockchain-based solutions continues to rise.

Established in 2018, StarkWare specializes in zero-knowledge-proof systems to enhance blockchain scalability.

The company’s key products include StarkEx, a scaling engine launched in 2020 that optimizes transaction efficiency, and StarkNet, a decentralized Layer 2 network introduced in 2021 to enable low-cost, scalable dApps.

The funding round was led by Oui Capital, with participation from Rally Cap, BKR Capital, and several angel investors.

Cauridor operates a hybrid payment system that integrates digital solutions with cash-based networks, enabling seamless financial transactions across multiple West African countries.

The company facilitates payments through a network of over 25,000 agents spanning Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia.

Its technology supports various payment methods, including cash pickups, bank transfers, and mobile wallets.

According to co-founder Oumar Rafiou Barry, the lack of robust payment infrastructure in Francophone Africa prompted the company to build its payment rails to address fragmentation in the region’s financial ecosystem.

This strategy has significantly contributed to Cauridor’s revenue, with its payment rails division now accounting for more than 90% of its earnings.

In 2024, the company reported a total payment volume (TPV) of $500 million.

The newly secured funding will drive Cauridor’s expansion into additional markets, including Mali and Nigeria.

Additionally, the company is preparing for a Series A funding round and is exploring blockchain integration to optimize settlements and leverage the rising adoption of stablecoins in cross-border payments.

Barry emphasized that these developments will enhance operational efficiency and position Cauridor as a key player in Africa’s evolving fintech landscape.

Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna initially launched as an earned wage access platform.

Over time, it has evolved into a multi-service fintech provider, catering to a significant portion of Egypt’s smartphone users who lack access to formal financial services.

The company currently offers general-purpose credit, buy now pay later (BNPL) options, and bill payment services.

This latest funding round follows Khazna’s $38 million Series A investment in 2022.

Investors in the pre-Series B round include a mix of new and existing backers such as SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona Capital, Speedinvest, and Disruptech Ventures.

With fresh capital secured, Khazna aims to accelerate its growth by applying for a digital banking license in Egypt and establishing strategic partnerships to enter the Saudi market.

CEO Omar Saleh described the funding as a major milestone for the company, emphasizing its role in expanding financial inclusion across the MENA region.

“This achievement not only strengthens our core operations but also enables us to fast-track our mission of financial empowerment. Our entry into Saudi Arabia marks the start of an exciting new chapter, and we remain dedicated to delivering a seamless digital experience to users across the region,” he stated.