Raenest, a Nigerian multi-currency platform for Africans that makes managing money across borders easy, has expanded to the United States, marking a significant milestone in its international growth strategy.
The announcement was made by the company’s Co-founder and Chief Executive Officer Victor Alade during the inaugural Raenest Exchange 2025 event held in Lagos. Alade emphasized that the company’s mission remains focused on empowering Africans globally, stating that “this product is for Africans wherever their journey takes them.”
Raenest expansion to the U.S, comes just eight months after the company raised $11 million in Series A funding, which was led by QED Investors with participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars.
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The fintech disclosed plans to use the funds raised to strengthen its presence in Nigeria and Kenya while expanding into the United States and Egypt, which it is now leveraging with its latest entry to a new global market.
Raenest’s entry into the U.S. market places it among an emerging group of Nigerian fintech firms with international aspirations, joining industry leaders like Paga and Moniepoint, which are similarly extending their reach into Europe.
Founded in 2022 by Alade, Sodruldeen Mustapha, and Richard Oyome, the fintech started as an Employer of Record (EOR) before transitioning into a fintech platform focused on modernising global banking for Africans. It helps businesses and freelancers manage international payments effortlessly by offering multi-currency wallets, global bank accounts, and physical and virtual dollar cards. Users can send and receive payments in USD, EUR, and GBP, giving them the flexibility to operate in international markets with ease.
The company runs a consumer-facing app, Geegpay, which enables freelancers and remote workers to receive payments from platforms like Upwork, Fiverr, and Gusto, with features like multi-currency wallets, low-fee conversions, and airtime/data top-ups (saving up to 5% on recharges). The company reports that it now serves over one million customers and has processed more than $2 billion in transactions to date.
Also, Raenest for Business, launched in March 2024, targets enterprises for international remittances, capital raising, and cross-border transactions, filling gaps left by restrictions from competitors like US-based Mercury on African accounts.
Since its launch, the company has attracted over 700,000 users and processed more than $1 billion in payments. It serves over 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta.
Raenest operates in a crowded African fintech space for multi-currency and remittance services, including Afriex, Cleva, Fincra, Grey, Verto, and Leatherback. Its edge lies in EOR integration, low fees, and focus on remote work payments.
The company holds licenses as an International Money Transfer Operator (IMTO) in Nigeria and a Money Services Business (MSB) in Canada, with ongoing efforts for additional jurisdictions.
As part of its goal to evolve into a financial super-app, the fintech unveiled a range of new features at the Lagos event. Among these is the ability for users to receive payments in the USDT stablecoin, which are automatically converted to U.S. dollars. The company has also implemented direct integrations with freelance platforms like Upwork, reducing payment processing times to under an hour. Additionally, Raenest has introduced a new stock trading feature, allowing users to buy and sell shares directly within the platform.
With its latest move into the U.S. market, Raenest is reinforcing its vision of building a seamless global payment ecosystem tailored to the needs of Africa’s digital workforce and entrepreneurs, while positioning itself as a key player in the next phase of fintech globalization.
