Raenest, a company based in Nigeria specializing in cross-border remittance services for freelancers and businesses, has successfully secured $11 million in Series A funding, bringing their total funding to $14.3 million. The funding round was led by QED Investors, with participation from Norrsken22 and existing investors Ventures Platform, P1 Ventures, and Seedstars. This latest funding will be utilized to enhance their product offerings, expand into new markets, and introduce new features like expense management, savings, and investment tools.
The company, which initially started as an Employer of Record (EOR), now focuses on assisting businesses and freelancers with international payments, currency conversions, and multi-currency wallets. Raenest’s platform allows users to open global bank accounts, access physical and virtual dollar cards, and facilitate transactions in USD, EUR, and GBP.
Raenest’s consumer-centric product, Geegpay, enables freelancers, creators, and solopreneurs to receive payments from various platforms such as Upwork, Fiverr, and Gusto. The company boasts serving over 700,000 individual customers and processing more than $1 billion in payments to date.
The company’s business banking service, launched in March 2024, has gained traction as an alternative for African startups seeking banking solutions following the withdrawal of services by Mercury. Raenest’s CEO stated that the company is profitable, serving around 300 businesses on its platform and has processed over $100 million in transactions since its inception.
In a competitive landscape, Raenest sets itself apart with its dual B2B and B2C model, catering to both African businesses and individuals receiving international payments. With plans to expand its services to Africans in the diaspora, Raenest aims to become a trusted financial platform simplifying global fund management.