Africa's thriving tech ecosystem has led to an increase in local talent landing remote jobs with Big Tech firms and global startups. However, receiving payments remains a significant challenge for many freelancers and remote workers. To address this issue, Raenest, a Lagos-based fintech, has raised $11 million in Series A funding to expand its cross-border payment services across Africa.

The funding round, led by QED Investors, will enable Raenest to scale its reach and provide financial services to more freelancers and businesses on the continent. Raenest's retail product, Geegpay, offers virtual USD, GBP, and EUR accounts, allowing users to receive payments, manage multi-currency wallets, and convert currencies. The company also provides virtual and physical debit cards that accept multiple currencies, including U.S. dollars.

Interestingly, Raenest didn't start with freelancers in mind. The company was initially launched as an Employer of Record (EOR) to assist foreign companies in paying African employees compliantly. However, the founders soon realized that the real problem lay in individuals struggling to receive payments. This pivot in focus led to the development of Geegpay, which quickly gained traction among freelancers.

As the company expanded, it became clear that African businesses also needed foreign accounts to streamline cross-border transactions. Raenest for Business was launched in March 2022, providing the same financial services to African businesses, enabling them to send and receive international payments. Today, over 700,000 individuals and 300 businesses use the platform to receive payments, make cross-border transactions, and manage their finances.

Raenest competes with several fintech startups offering multicurrency accounts to customers in Africa, including Afriex, Cleva, Grey, Verto, and Leatherback. However, CEO Victor Alade argues that Raenest has an edge due to its dual approach, targeting both individuals and businesses. The company prioritizes speed, security, reliability, and compliance to retain users.

Raenest's ambitions extend beyond cross-border payments. The company aims to create a safe and seamless financial ecosystem for Africans, enabling them to earn, invest, and grow their wealth, regardless of their location. With plans to deepen its presence in Nigeria and secure licenses for expansion into Egypt, Ghana, Kenya, and the U.S., Raenest is poised to become a leading fintech player in Africa.

The latest funding round brings Raenest's total funding to $14.3 million. Lead investor QED Investors, a top fintech VC firm, has been increasing its footprint in Africa since 2022, backing five startups providing financial services on the continent. Other investors in the round include pan-African early-to-growth-stage VC firms, such as Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

As Africa's fintech ecosystem continues to grow, Raenest's expansion plans and commitment to providing seamless financial services position the company for success. With its sights set on creating a comprehensive financial ecosystem for Africans, Raenest is well on its way to achieving its ambitious goals.