Raenest, a Nigerian fintech company specializing in cross-border payments for gig workers and businesses, has successfully raised $11 million in Series A funding.
This funding round was led by QED Investors, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars, bringing the total venture funding for the startup to $14.3 million.
Raenest provides freelancers and businesses with virtual accounts in USD, GBP, and EUR, enabling them to receive payments, manage multi-currency wallets, and facilitate currency conversions. Additionally, the company offers both virtual and physical debit cards that support multiple currencies, including US dollars.
Since its launch in 2022, Raenest has processed over $1 billion in payments, marking a 160% growth in volume over the last two years. The company currently serves approximately 700,000 individual customers and more than 300 businesses, including notable clients such as MoniePoint, Helium Health, Fez Delivery, and Matta.
The newly acquired funding will be used to enhance Raenest’s presence in Nigeria and Kenya, as well as to initiate operations in the US and Egypt.
In related news from the African fintech landscape, Ghanaian digital banking startup Affinity Africa has secured $8 million in seed funding. Founded in 2022, Affinity obtained a savings and loans license from the Bank of Ghana, the first such license issued in over a decade, and officially launched its operations in October 2024 following the regulatory approval of its mobile app. The startup has since onboarded more than 50,000 customers, providing a range of products including personal and SME accounts, savings options, payment services, bank transfers, mobile money transfers, investment opportunities, and loans.
Tarek Mouganie, the founder and group CEO of Affinity, commented on the company’s progress, stating, “The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, free from exorbitant fees and long queues. As a customer-centric, technology-driven financial institution, we offer affordable and easy-to-use products, supported by a business model that not only attracts a growing base of deposits but also provides the cheapest instant loans in the region.”