Raenest, which was the title sponsor of the 2025 Africa Tech Summit, has secured $11 million in Series A funding led by QED Investors, along with Norrsken22, Ventures Platform, P1 Ventures, and Seedstars bringing its total venture funding to $14.3 million, a huge leap forward in its mission to make remittances payments from abroad, conversion of currencies, and managing transactions smooth.
Raenest will use the funds to expand into new markets, strengthen its presence in Nigeria and Kenya, and launch in the U.S. and Egypt.
Speaking on the announcement, CEO of Raenest, Victor Alade, said, “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. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”
Alade says the funds gives it a major boost to grow its multi-currency wallets, global accounts, and payment processing tools to make transactions smoother than ever. The firm also aims to grow its team with top talent dedicated to improving user experience and collaborating with leading financial institutions in the U.S., U.K., and beyond to offer faster, more secure, and seamless transactions.
The global cross-border payments market is projected to hit $320 trillion by 2032, and the firm, has since launching in 2022, welcomed over 700,000 individual customers, processed more than $1 billion in payments and empowered 300+ businesses (including MoniePoint, Helium Health, Fez Delivery, and Matta).
Partner and Head of Africa and the Middle East at QED Investors, Gbenga Ajayi, stated, “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent.”
