Nigerian Fintech Raenest lands at USD 11 million from Qed to pay the advance payment to distant African employees

Raenest based in Nigeria Raenest recently secured an investment value $ 11 million from QED investors to help freelancers and distant employees in receiving payments throughout Africa.

Because employees in Africa gain employment in large technology and global startups, the Raenesta, Geegpay retail product, deals with the challenge to make certain that freelancers and distant employees receive remuneration through multi -yielded wallets, working with USD, GBP and EUR accounts. In 2022, the founders of Victor Alade, Sodruldeen Mustapha and Richard Oyome initially wanted to help foreign corporations to pay African employees in maintaining compliance with local standards. Oddly enough, the freelancers weren’t on their radar.

However, the months realized that the problem was that employees were fighting to receive payments – not the other way around. Experienced engineers took the opportunity to take care of growing pain. “The American company may not worry about whether the payment is delayed by five days, but for someone in Nigeria or Kenya it is a big deal – especially when the conversion to local currency becomes another obstacle,” said Alade.

“Companies began to ask if they could get fixed bank accounts to simplify the payment. Then we started thinking: how big is this opportunity? Who else builds for Africa? “

It didn’t take much time before Geegpay began to grow to be popular amongst freelancers and distant employees as well as to business registration. A helpful tool appeared at the time when one American fintech, Mercury, began to limit business accounts from many countries, including African nations.

With the support of Qed Investors, considered one of the best fintech enterprise capital corporations that increased its African trace, partner and head of Africa and the Middle East, Gbenga Ajayi, said that the company believes that Raenest is the key to unlocking recent opportunities for the entrepreneur. “We strongly believe that by filling the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and enterprises, ultimately driving a larger economic position throughout the continent,” said Ajayi.

Since the initial launch of fintech, the company has transformed over $ 1 billion in payment, according to, which is a big increase by 160% from 2023.. Of the 700,000 individual clients and over 300 corporations in the Raenest portfolio, the company plans to use funds to increase its presence in Nigeria and Kenya, and shortly start in the United States and Egypt.