Raenest is rapidly positioning itself as one of Africa’s most important cross-border fintech players after securing $11 million in Series A funding, bringing its total funding to approximately $14.3 million since launch. Founded in 2022, the Lagos-based startup is building financial infrastructure that allows African freelancers, remote workers and businesses to receive and manage international payments without the traditional friction of local banking systems.
In just over three years, Raenest has processed more than $1 billion in total payment volume, reflecting a reported growth rate of about 160 percent over a two-year period. The platform now serves over 700,000 individual users and more than 300 businesses. That scale highlights a critical shift: Africa’s workforce is increasingly global, but its financial systems have not always kept pace. Raenest’s growth is a direct response to that gap.
At the heart of its model are multi-currency accounts in USD, GBP and EUR, alongside virtual and physical debit cards that enable users to receive payments from global platforms and clients. For freelancers earning in foreign currencies, this reduces dependency on intermediaries, lowers FX losses and shortens settlement timelines. For startups and SMEs operating across borders, it simplifies collections and payroll in multiple jurisdictions.
The timing is strategic. Africa’s gig economy continues to expand, and more professionals are working remotely for companies in North America, Europe and Asia. Cross-border payments globally are projected to reach hundreds of trillions of dollars within the next decade, and African fintech startups are racing to capture a share of that volume. By moving beyond individual freelancers into business banking services, Raenest is expanding its revenue base while increasing transaction size per customer.
The fresh capital is expected to accelerate expansion into additional markets, including the United States and parts of North Africa, while strengthening regulatory partnerships and compliance infrastructure. As competition intensifies among cross-border fintech platforms serving Africans, scale, trust and licensing depth will likely determine long-term dominance.
Raenest’s numbers tell a clear story. A billion dollars in processed volume, hundreds of thousands of users, double-digit growth acceleration and multi-market ambitions all point to one reality: Africa’s digital workforce is no longer waiting for traditional banks to catch up. Fintech infrastructure players like Raenest are building the bridge instead.
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