Raenest raises $11 million for expansion in Egypt and the United States

A fast-growing Nigerian fintech

Already present in Nigeria and Kenya, cross-border payments fintech Raenest is accelerating its development with an $11 million Series A financing round. The funding, led by QED Investors, attracted investors including Norrsken22, Ventures Platform, P1 Ventures and Seedstars, bringing the total raised to $14.3 million.

Strategic expansion into new markets

Thanks to this new round of financing, Raenest plans to strengthen its presence in Africa and enter two new key markets: Egypt and the United States. The aim is to improve access to financial services for Africans, both on the continent and in the diaspora. Part of the funds will also be allocated to talent acquisition and operations development.

A buoyant market with global ambitions

With digital payments growing exponentially worldwide – expected to triple by 2030 according to PwC – Africa is positioning itself as a key market. Founded in 2022 by Victor Alade, Sodruldeen Mustapha and Richard Oyome, Raenest is establishing itself as a key player in the sector, facilitating international transactions for businesses and remote workers.

A meteoric rise

Since its launch, Raenest has won over 700,000 users and processed more than $1 billion in payments. With its innovative solutions, it aims to set a new standard in the cross-border payments ecosystem, promoting financial inclusion and economic prosperity in Africa and beyond.