Nigeria-based fintech company Raenest has raised $11 million in funding from QED Investors to enhance payment services for freelancers and remote workers across Africa. This investment marks a significant milestone in Raenest’s mission to provide multi-currency payment solutions through its retail product, Geegpay.

As African workers increasingly gain employment with major tech firms and global startups, Geegpay addresses a critical need: ensuring timely payments for freelancers and remote workers through multi-currency wallets that support USD, GBP, and EUR accounts. Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially focused on helping foreign companies stay compliant when paying African employees. However, the founders soon identified a more pressing issue—workers struggling to receive payments.

“A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal—especially when converting to local currency becomes another hurdle,” said Alade. The company’s journey evolved as businesses began requesting fixed bank accounts to simplify payment processes.

Geegpay quickly gained traction among freelancers and remote workers, alongside business clients. The timing proved fortuitous, as U.S.-based fintech Mercury began restricting business accounts from various countries, including those in Africa. This created a gap in the market that Raenest was well-positioned to fill.

Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, highlighted the firm’s confidence in Raenest’s potential. “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent,” Ajayi stated.

Since its launch, Raenest has processed over $1 billion in payments—a 160% increase since 2023—and serves 700,000 individual customers and more than 300 businesses. With this latest funding round, the company plans to expand its operations in Nigeria and Kenya, while also preparing to launch services in the United States and Egypt.

This investment underscores Raenest’s growing role in shaping Africa’s fintech landscape and empowering remote workers and entrepreneurs across the continent.