As Africa’s tech ecosystem booms, more of its workforce is going global. But while landing a remote job with a Silicon Valley startup might be the easy part, getting paid is still a hurdle for many freelancers and entrepreneurs across the continent.
That’s where Raenest, a Lagos-based fintech, steps in. Through its product Geegpay, the startup enables users to open virtual USD, GBP, and EUR accounts, offering seamless multi-currency wallets, conversions, and both virtual and physical cards for global payments. Now, Raenest has raised an $11 million Series A to fuel its growth across Africa, in a round led by QED Investors, one of the world’s most prominent fintech-focused VCs.
From Employer of Record to Freelancer Lifeline
Interestingly, Raenest didn’t start off serving freelancers. The company began in 2022 as an Employer of Record (EOR) — helping global companies compliantly pay African employees. But it didn’t take long before the founding team realized the bigger pain point was on the receiving end.
“A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal — especially when converting to local currency becomes another hurdle,”
— Victor Alade, co-founder and CEO of Raenest
Alade, formerly a software engineer at Jumia and Andela, co-founded the company with Sodruldeen Mustapha and Richard Oyome, who brought fintech experience from LemFi and FairMoney.
After pivoting to focus on freelancers, demand exploded — not just from individuals, but also African businesses that needed better ways to transact internationally.
“Businesses started asking if they could get fixed bank accounts to simplify payments. That’s when we started thinking: How big is this opportunity? Who else is building for Africa?”
— Alade
Riding the Wave of Global Shifts
Raenest’s expansion into business banking came at a pivotal time. U.S. fintech Mercury began cutting off some African users, while major EOR platforms like Deel started eyeing Africa. That created a sweet spot for Raenest — one the team leaned into aggressively.
Since its launch, the company has processed over $1 billion in payments, representing a 160% increase in two years. Today, over 700,000 freelancers and 300 companies use Raenest to get paid for remote work, raise capital, and run international operations.
Clients include well-known African startups such as Moniepoint, Helium Health, Fez Delivery, and Matta.
“We want to create a safe and seamless financial ecosystem for Africans — helping them earn, invest, and grow their wealth, no matter where they are in the world.”
— Alade
The Investment and Expansion Strategy
Raenest’s $11 million Series A brings its total funding to $14.3 million, following a $700K pre-seed and $2.6M seed round. Alongside QED, investors include Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
“We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses — ultimately driving greater economic empowerment across the continent.”
— Gbenga Ajayi, Partner at QED Investors and Head of Africa & Middle East
The company currently operates under a money transfer license in Nigeria but is actively pursuing licenses in Egypt, Kenya, Ghana, and the U.S. It also holds banking partnerships in the U.S. and U.K., with plans to deepen those relationships as it scales.
One big move coming soon: merging Geegpay and Raenest for Business under the single Raenest brand — creating a unified platform for both freelancers and companies managing global payments.
And despite being in early growth mode, Raenest says it’s already profitable.
“This is about building a trusted, end-to-end solution for Africa’s future workforce,” Alade said.
