QED is investing $ 11 million in Nigerian Fintech Rainest

Like Africa Tech Ecosystem Booms, more local talents are far-way jobs with great technological firms and global beginnings. However, this freelancer remains a problem for most of these freelancer and remote workers. Using non-compliant payment platforms, opening accounts with foreign employers and struggle with slow textures and payment processes.

Get into NaughtyOne of many local fintechs that take steps to correct it. The company collected $ 11 million in a financial man headed by CED investors to expand the unexputation in Africa.

Through a retail product, TorporRaenest, Freelancers launched in early 2022 offers virtual US dollars, GBP and EUR accounts. These accounts help them to receive payments, manage multiple currency wallets and convert currencies. Raenest also offers virtual and physical debit cards that accept more than one currency as US dollars.

Last March, Lagos-based naughty pretty freelancers expanded Digital for workA platform that provides the same financial services to African enterprises, which allows them to send international payments.

External increase in freelancers

Interestingly, Raenest did not start freelancers in mind. Victor Aladtogether with co-founders Sodrulden Mustafa and Richard OyomeIn 2022, the company launched the record as an employer as an employer – helps foreign companies to pay in accordance with African employees.

However, in a few months, the founders realized the real problem, the companies that sent payments were not with those who struggled to buy them.

“If a US company does not be postponed for a payment for five days, it is another obstacle to someone in Nigeria or Kenya, especially when a local currency,” said, former software engineer in CEO Alade, Jumia and Andela, TechCrunch .

In addition, the experiment with African and Fairmoney, African Fintechs, and his founders from work experience and co-founders who have been painting from their experience.

GeeGPay has quickly danced quickly between free workers, but the work registration began to rise. The team also realized that African companies needed foreign accounts to regulate border operations in foreign accounts. “Enterprises began to ask if they could get fixed bank accounts to simplify payments,” he said. “When you start thinking: How big is this opportunity? Who else is for Africa?”

Adding a business banking could not be better time. Fintech located in the United States in the same period Mercury began to limit work accounts parts of Africa, including several countries. This has created a space in the market, allows the local Fintechs to serve customers like digital.

Meanwhile, the Eor area was quite competitive with great players DEel begins to look at the continent more closely.

These events followed them as a better opportunity: to provide a way to receive and send international payments to African enterprises.

Measurement to serve individuals and businesses

This bet pays. Since the beginning of 2022, Raenest has been operated on $ 1 billion in payment – 160% increase in 2023% and 2024 – 160% increase in freelancer and enterprises. Today, more than 700,000 people use the platform to get payment from global platforms such as development, Fiverr and Gusto. They also use it for online shopping and subscriptions.

On the other hand, more than 300 enterprises collect the payments of international customers, collect capital from investors and make payments on the border. Includes customer list, monityepoint, helium health, Fez Delivery and African beginnings like Matthew.

Raenest competes with several Fintech startups that provide multi-magnrencry accounts to customers in Africa, including customers Afriex, Clekka, Gray, Changeand Leather. Alade, unlike most players who provide only one customer type, claim to have a rage of Raenest. Outside the double approach, Raenest said he prioritized the compatibility to keep speed, security, reliability and users.

Raenest’s ambitions are extended outside the border payments. “We want to create a safe and seamless financial ecosystem for Africans, and help them gain their wealth, gain and grow, regardless of where they are in the world,” he said.

Expansion plans

Currently, three-year-old Fintech operates under a money transfer license in Nigeria. As part of the next growth stage, the company will provide this action to provide licenses to expand Egypt, Ghana, Kenya and the United States in the continent and the diaspora.

With the Bank and the Bank and Britain, Raenest is able to work more in these regions. The company along the way a brand, a brand, a brand, a brand, aim to attract the most extensive talent to expand to expanding the gegpay and work under the Raenest.

The latest 11 million dollar series conveys the total financing of a round Raingest for $ 14.3 million.

One of the world’s best Fintech VC companies, the lead investor QED has been constantly increasing in Africa since 2022. Five beginners providing financial services on the continent: Moniepoint, Treatment of treatment, Price, Cedar moneyand now digitally.

“Our firmly eliminates the gaps between local and global markets, the new opportunities for digital African entrepreneurs and enterprises will be opened to new opportunities for more economic strengthening on the continent,” he said. In the investors of food in the east.

Other investors in the period include Norrsken22, Ventures platform, P1 Ventures and seed stars, cheese, such as growth-stage scene firms.