Raenest, a Nigerian fintech with operations in Kenya, has raised US$11 million in its Series A round – to invest in market expansion and product upgrades.
- QED Investors led the round that brought the startup’s total funding to US$14.3 million in a round that also Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
- Raenest was launched in 2022 and raised US$700,000 as pre-seed funding that year, followed by US$2.6 million in 2023.
- It now plans to deepen its presence in Kenya, Nigeria, Ghana, Tanzania, and Uganda – focusing on the gig economy to outcompete the dozens of fintech players in those markets.
“Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build sustainable, globally impactful business that bridges economic and digital divides,” the startup’s founder and CEO, Victor Alade said.
Through its partnerships with banks in the UK and the US, Raenest allows businesses that leverage its platform to receive international payments and manage multiple wallets. Its consumer-focused product, Geegpay, is tailored for freelancers receiving payments from Upwork, Fiverr, and Gusto.
The fintech, which plans to launch in the US and Egypt, has processed over $1bn in payments since its founding.
