Raenest Raises $11M Series A to Expand into U.S. and Egypt

Nigerian fintech startup Raenest has secured $11 million in Series A funding, with plans to expand its operations to the United States and Egypt. The funding round, led by QED Investors, also saw participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, bringing the company’s total raised capital to $14.3 million.

Raenest provides multi-currency accounts and cross-border payment solutions for African businesses and freelancers. The company, which started as an Employer of Record (EOR) before shifting to fintech, helps users manage international transactions through services like global bank accounts and virtual dollar cards.

Expansion and Market Strategy

The new funding is set to support Raenest’s expansion efforts in Nigeria and Kenya, alongside its planned entry into the U.S. and Egypt. This comes as the company looks to navigate regulatory landscapes and strengthen partnerships with financial institutions. Raenest recently received approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO) and holds a Money Services Business (MSB) license in Canada.

Beyond its geographic expansion, the company is also growing its customer base, which includes businesses and freelancers working with global platforms like Upwork and Fiverr. The move aligns with the increasing demand for efficient cross-border payment solutions, particularly as Africa’s digital workforce continues to expand.

Investor Confidence in Africa’s Cross-Border Payments Sector

Raenest’s funding comes amid growing investor interest in Africa’s fintech industry, particularly in cross-border payments, a sector projected to reach $320 trillion by 2032. Investors backing the company point to the increasing need for financial infrastructure that connects African businesses and freelancers with global markets.

As competition in the fintech space intensifies, Raenest’s expansion will test its ability to navigate market-specific regulations and operational challenges while scaling its services. The company’s next steps, particularly in securing additional regulatory approvals and deepening its partnerships, will be key indicators of its long-term viability.