Nigerian Cross-Border Payments Platform Raenest Raises $11M, Plans US Launch

Raenest, a multi-currency platform for Africans, raised $11 million in series A funding, bringing its total venture funding to $14.3 million. The funding round was led by QED Investors, Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

Who are Raenest, and what do they do?

Lagos-based Raenest is a global multi-currency platform that aims to simplify how Africans manage their money across borders. The company offers quick, affordable international payments and simple ways to spend, save, and invest.

“We strongly believe that no African, whether a business or an individual, should face barriers to accessing and managing their finances globally—regardless of geography, regulatory hurdles, or high fees,” it says on their website. This new round of funding will help Raenest expand its services and continue to help Africans manage their finances.

Additionally, Raenest understands how difficult it can be for freelancers to be paid on time, so they have a platform specifically tailored to freelancers, remote workers, and creators. With lower fees and quick transactions, Geepay allows self-employed workers to receive money in various currencies.

‍What will Raenest do with this new funding?

The platform seeks to expand into new markets, reinforcing its presence in Nigeria and Kenya and launching in the US and Egypt. Its financial solutions will significantly improve, and users can expect seamless improvements to Raenest’s currency wallets, global accounts, and payment processing tools to make transactions more straightforward.

It will also expand the team with more talented employees and continue to build stronger partnerships, as it is working with major leading financial institutions in the US and UK.

Image: Raenest