Raenest has spent the past year proving it is one of the more durable fintech stories coming out of Lagos, built around a problem that has frustrated African freelancers and businesses for years: getting paid reliably from clients abroad. Founded in 2022 by Victor Alade, Sodruldeen Mustapha and Richard Oyome, Raenest initially operated as an Employer of Record before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, and operate a multi currency wallet while managing transactions seamlessly.

The company's momentum accelerated sharply in February 2025 when it closed an 11 million dollar Series A round led by QED Investors, with participation from Norrsken22 and follow on investment from Ventures Platform, P1 Ventures, and Seedstars, bringing its total venture funding to 14.3 million dollars. By that point, the fintech had already amassed over 700,000 users and processed more than 1 billion dollars in payments, with a client base of over 300 businesses including Moniepoint, Helium Health, Fez Delivery, and Matta.

What has followed since that raise reads like a genuine international growth story. On the consumer side, Raenest operates Geegpay, a product built specifically for Africa's gig economy that enables freelancers, remote workers, content creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto while reducing transaction fees. That model has since traveled well beyond Africa. Raenest expanded its services into India and the Philippines, extending its footprint into South and Southeast Asia to target freelancers and digital professionals earning income across borders, and struck a partnership with TerraPay to enable faster freelancer payouts across both markets. The company also pushed into the United States, launching new stablecoin and stock investing products for American users, broadening its offering well beyond its original cross border payments core.

Regulatory groundwork has kept pace with that expansion too. Raenest currently holds licenses in Nigeria as an approved International Money Transfer Operator and in Canada as a Money Services Business, while working to secure additional licenses in key jurisdictions as it deepens partnerships with global financial institutions. CEO Victor Alade has framed the company's ambitions as extending well beyond payments, describing a goal of creating a safe and seamless financial ecosystem for Africans, helping them earn, invest, and grow their wealth no matter where they are in the world. With operations now spanning Africa, Asia and North America, Raenest looks positioned to keep expanding the definition of what a Nigerian fintech startup can build for a genuinely global customer base.