Raenest, a Nigeria-based cross-border remittance company, has raised $11 million in a Series A funding round, bringing its total funding to $14.3 million. The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investments from Ventures Platform, P1 Ventures, and Seedstars.

The company plans to use the new funds to expand its product offering and enter additional markets, including Egypt and the U.S. Raenest currently operates in Kenya, Ghana, Tanzania, and Uganda, providing multi-currency accounts for freelancers and businesses.

Raenest’s services allow users to open global bank accounts, access physical and virtual dollar cards, and process payments in USD, EUR, and GBP. The company has processed over $1 billion in payments to date and serves over 700,000 individual customers.

The funding round is part of the increasing momentum for African startups, particularly in fintech. In January 2025 alone, 40 African startups raised $289 million, a 240% increase from the previous year.

Raenest competes in Africa’s increasingly competitive cross-border remittance space, alongside companies like Cleva, Grey Finance, and LemFi.

However, its dual B2B and B2C model sets it apart, positioning the company to serve both African businesses and individuals receiving payments from abroad.

The company’s business banking service, launched in March 2024, has quickly emerged as an alternative for African startups seeking banking partners. Raenest serves approximately 300 businesses, processing over $100 million in transactions since its launch.

“Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike,” said Lexi Novitske, General Partner of Norrsken22. “Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”