Raenest, a Nigerian fintech startup offering multi-currency accounts for individuals and businesses across Africa, has raised $11 million in Series A funding to drive its expansion. The funding round was led by QED Investors, with participation from Norrsken22 and follow-on investments from Ventures Platform Fund , P1 Ventures, and Seedstars.
The Series A round, comes after a $700,000 pre-seed and $2.6 million seed, brings Raenest’s total funding to $14.3 million.
Through its retail product, Geegpay by Raenest , Raenest offers freelancers virtual USD, GBP, and EUR accounts to receive payments, manage multi-currency wallets, and convert currencies.
With this new capital, the company plans to strengthen its presence in Nigeria and Kenya while expanding into the United States and Egypt.
Raenest's funding comes on the heels of its regulatory milestones, including the Central Bank of Nigeria's (CBN) approval to operate as an International Money Transfer Operator (IMTO) seven months prior. This license enables the company to streamline cross-border payments.
Duale, Ovia & Alex-Adedipe led by Adeleke Alex-Adedipe advised QED in connection with the funding
TLP Advisory advised Raenest in connection with funding.
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