Nigerian fintech startup secures $11m funding to expand to US, Egypt

Raenest, a Nigerian fintech startup, has raised $11 million in a Series A funding round to drive expansion into the United States and Egypt.

In a blog post on Tuesday, Raenest revealed said QED Investors led the round, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

The latest investment brings Raenest’s total funding to $14.3 million, according to the report.

Victor Alade, Raenest’s chief executive officer (CEO), said the funding would accelerate the company’s mission to simplify global banking for Africans.

“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,” the CEO was quoted as saying.

Raenest said the capital injection would strengthen its operations in Nigeria and Kenya while driving its entry into the US and Egypt.

The investment comes seven months after the Central Bank of Nigeria (CBN) granted Raenest approval to operate as an International Money Transfer Operator (IMTO).

The company is said to also hold a money services business (MSB) licence in Canada and is pursuing regulatory approvals in other key markets.

Raenest has reportedly partnered with major banks in the United States and the United Kingdom to support its global expansion plans.

According to the blog post, the fintech firm is also positioning itself in the cross-border payments industry, which is projected to hit $320 trillion by 2032.

Founded in 2022 by Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest started as an employer of record (EOR) before evolving into a fintech platform.

It provides multi-currency wallets, global bank accounts, and virtual dollar cards, enabling businesses and freelancers to manage international transactions with ease.