There are a handful of fintech startups in Nigeria and Africa. They are all competing for funding and investments from venture capitalists and angel investors. Recently, LemFi , Khazna and Moniepoint among others raised money. The latest fintech to receive money from investors is Raenest, the multi-currency accounts platform for individuals and businesses across Africa.
What do you need to know about this new funding? Here are the five things.
- Raenest raised $11 million in equity investment taking the total raised by the startup to $14.3 million.
- The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars.
- With the funding, Raenest aims to double down its business in Nigeria and Kenya while planning to enter United States and Egypt.
- Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB] and is working to secure additional licenses in key jurisdictions.
- Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a multi-currency accounts platform for individuals and businesses across Africa.
Comment from CEO, Victor Alade:
At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides. This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”
