The funding round was spearheaded by QED Investors, with contributions from Norrsken22, as well as follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This follows a pre-seed funding of $700,000 in 2022 and a seed round of $2.6 million in 2023.
The company intends to utilize the newly acquired funds to broaden its product range and penetrate new markets. Currently, Raenest operates in Kenya, Ghana, Tanzania, and Uganda, with plans to expand into Egypt and the United States. Additionally, it aims to roll out new features such as expense management, savings, and investment tools.
This funding round reflects the growing momentum of African startups, particularly in the fintech sector. In January 2025 alone, 40 African startups raised a total of $289 million, marking a 240% increase compared to the previous year. Other significant fintech investments include Moniepoint, which received $10 million from Visa, and LemFi, which raised $53 million.
Founded in 2022, Raenest began as an Employer of Record (EOR) before shifting its focus to assist businesses and freelancers in receiving international payments, converting currencies, and managing multi-currency wallets. Users can establish global bank accounts, obtain physical and virtual dollar cards, and process transactions in USD, EUR, and GBP.
Through its consumer-oriented product, Geegpay, Raenest enables freelancers, creators, and solopreneurs to receive payments from platforms such as Upwork, Fiverr, and Gusto. The company reports serving over 700,000 individual customers and has processed more than $1 billion in payments to date.
“Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy,” stated Lexi Novitske, General Partner of Norrsken22.
Launched in March 2024, Raenest’s business banking service has rapidly positioned itself as a viable alternative for African startups in need of banking solutions, particularly after the withdrawal of services by Mercury, a firm based in San Francisco. CEO Alade reported that Raenest is already profitable, catering to around 300 businesses—including MoniePoint, Helium Health, Fez Delivery, and Matta—on its platform, and has processed transactions exceeding $100 million since its inception.
Raenest operates within Africa's increasingly competitive cross-border remittance market, competing with firms such as Cleva, Grey Finance, and LemFi. However, its unique dual B2B and B2C model distinguishes it, enabling the company to cater to both African enterprises and individuals receiving international payments. As it continues to grow, Raenest aims to extend its services to the African diaspora as well.
While other startups focus on serving Africans in the diaspora, Raenest was established to assist those living in Africa, facilitating their receipt of funds from abroad.
Despite this primary focus, the company intends to broaden its services to include Africans living outside the continent.
Alade's stated mission is to establish a globally recognized and trusted financial platform that simplifies international funds management.