Raenest, a multi-currency accounts platform for individuals and businesses in Africa, has successfully completed an $11 million Series A funding round, bringing its total funding to $14.3 million with continued backing from QED Investors and other venture capital firms focused on African fintech.

QED Investors has expressed strong confidence in Raenest's potential to redefine cross-border banking and enhance financial inclusion within Africa's fintech landscape.

The platform enables businesses and freelancers to receive international payments, manage multi-currency wallets, and open global bank accounts, supporting transactions in USD, EUR, and GBP.

Initially launched as an Employer of Record in 2022, Raenest pivoted to focus on addressing the payment challenges faced by freelancers.

Raenest offers Geegpay, a product specifically designed for Africa's gig economy, which facilitates efficient payment solutions for freelancers and remote workers from platforms like Upwork and Fiverr.

To date, Raenest has served over 700,000 individual customers and processed over $1 billion in payments, supporting more than 300 businesses, including notable African startups like Moniepoint and Helium Health.

The company plans to deepen its operations in Nigeria and strengthen its presence in Kenya, while also expanding into Egypt, Ghana, and the United States in 2025.

Raenest aims to enhance its financial tools to simplify cross-border money management and empower more African businesses and individuals in the global economy.

Raenest holds licenses as an International Money Transfer Operator in Nigeria and as a Money Services Business in Canada, with plans to secure additional licenses in key regions.

Victor Alade, CEO of Raenest, emphasized the company's commitment to overcoming barriers to financial services for Africans, aiming to connect the continent to global markets.

Raenest competes with other fintech startups such as Afriex and Grey, but differentiates itself by serving both individuals and businesses, emphasizing speed, reliability, and compliance.

Strategic partnerships have been established with leading banks in the US and UK to ensure operational stability, with intentions to form more collaborations globally.