Nigerian Tech Entrepreneur Victor Alade's Raenest Secures 11 Million To Expand Cross-border Payment Solutions

Raenest, a Lagos-based fintech helping remote workers receive payments globally, has raised 11 million in a Series A funding round. The company, led by Nigerian tech entrepreneur Victor Alade, plans to use the funds to expand its cross-border payment services into new markets.

The round was led by QED Investors, with participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This latest funding follows a 700,000 pre-seed round in 2022 and a 2.6 million seed round in 2023, bringing Raenests total funding to 14.3 million.

With this fresh capital, Raenest aims to broaden its reach beyond Kenya, Ghana, Tanzania, and Uganda, with plans to launch in Egypt and the U.S. The company also intends to introduce new features, including expense management, savings, and investment tools.

Commenting on the funding, CEO Victor Alade said Raenest remains committed to breaking down financial barriers for Africans. This funding, backed by new and existing investors who share our vision, will help us scale our solutions and deepen our impact across the continent. Were excited to keep building tools that connect Africa to the world and foster inclusive growth, he said.

Lexi Novitske, General Partner at Norrsken22, highlighted the need for Raenests solutions. Africas gig economy is expanding by 20 annually, yet cross-border payment challenges persist. Our investment in Raenest reflects our confidence in their ability to bridge this gap and unlock new opportunities for Africas global workforce, she said.