February 12th 2025.
A recent investment of $11 million from QED Investors has propelled Nigeria-based fintech company Raenest into the spotlight. The company's goal is to assist freelancers and remote workers across Africa in receiving payments, and their retail product, Geegpay, is making waves in the industry.
As the demand for Big Tech firms and global startups grows in Africa, Raenest recognized the need for a solution to help freelancers and remote workers receive payments through multi-currency wallets. With the ability to work with USD, GBP, and EUR accounts, Geegpay has become a vital tool for workers in the region. The company was founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, who initially wanted to help foreign companies pay their African employees in compliance with local norms. However, they soon realized that the real issue was workers struggling to receive payments, not the other way around.
The team of experienced engineers saw an opportunity to address this pain point and jumped at the chance to make a difference. Alade explains, "A U.S. company may not see a five-day delay in payment as a big deal, but for someone in Nigeria or Kenya, it can have a significant impact - especially when factoring in the challenges of converting to local currency." This realization led to Raenest expanding their focus to include freelancers and remote workers, in addition to businesses.
Their efforts couldn't have come at a better time, as U.S.-based fintech company, Mercury, had recently restricted business accounts from several countries, including African nations. With the support of QED Investors, one of the world's top fintech venture capital firms, Raenest has the backing to continue their mission. Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, believes that Raenest will unlock new opportunities for entrepreneurs in the region. He says, "By bridging the gap between local and global markets, Raenest will drive greater economic empowerment across the continent."
Since its launch, Raenest has processed over $1 billion in payments, a significant 160% increase since 2023. With a customer base of 700,000 individuals and over 300 businesses in their portfolio, the company has big plans for the future. They intend to use the funding to expand their presence in Nigeria and Kenya and soon launch in the United States and Egypt.
In addition to their innovative work in the fintech industry, Raenest has also made headlines for their social impact. In 2023, the company's founder, Victor Alade, partnered with a Nigerian fashion designer to set a Guinness World Record for creating the world's largest sandal in just 72 hours. This impressive feat showcases Raenest's commitment to driving economic growth and positive change in Africa.
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