Raenest raises $11mn in funding to expand global multi-currency accounts platform

Raenest, a fintech platform dedicated to providing multi-currency accounts for African businesses and individuals, has successfully raised $11 million in funding, showcasing a significant boost in investor confidence within Africa's thriving fintech sector. The funding round was led by QED investors, with notable participation from investors like NOSKIN, Ventures Platform, P1, and Seedstars, resulting in oversubscription due to the overwhelming interest from backers. The CEO and Co-Founder of Raenest, Victor Alade, shared insights into the company's strategic plans for expansion and product enhancement. Alade expressed excitement about the recent funding achievement, highlighting the company's aim to bolster its product offerings, optimize services, and venture into new territories, including various African countries and the United States. Raenest, through its innovative platform Geegpay, endeavors to combat the prevalent challenges of exorbitant fees and operational inefficiencies in cross-border payments, particularly in Africa's burgeoning $150 trillion market. The platform has already facilitated financial management for over 700,000 individuals, notably assisting remote workers and freelancers operating within Africa or in collaboration with entities in the US and the UK.