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.”