QED leads $11M investment in Nigerian fintech Raenest

As the Tech Ecosystem Boom in Africa, more local talent is landing remote jobs with large technology companies and global startups. However, the salary remains a challenge for many freelancers and remote staff. Foreign employers use the dishonest payment platforms and they struggle to open the accounts that take our dollars to face the payment processes and pay the payment processes.

Entered RaneestThis is one of the many local fintecas taken to fix it. The company has just collected $ 11 million in the series led by KYD investors to expand its reach across Africa.

Through its retail products, GogpeLaunched at the beginning of 2022, provides the virtual USD, GBP and Euro accounts to the Rainist Freelancers. These accounts help them to pay their payments, manage multi-currency wallets and convert coins. The Rennet also provides virtual and physical debit cards that receive multiple coins like US dollars.

Last March, Lagos-based Rainest freelancers also expanded outside Raenest for businessA platform that provides the same financial services to African businesses, allowing them to send and receive international payment.

Increase outside of freelancers

The funny thing is, Renost did not start keeping the freelancers in mind. VictorCo-founder Sodruldin And RichardThis company launched as the Employer of the Record (EOR) in 2022 – helps foreign companies loyal to African workers.

However, a few months later, the founders realized that the real problem was not in sending companies, it was with people who were fighting for them.

“If a US company has delayed a payment within five days, he will not take care. However, for anyone in Nigeria or Kenya, it is a big thing – especially when converting to local currency, becomes another barrier, “former Jumia and Andelle software engineer CEO tells Alad TechCrunch.

He also focuses on resolving the pain of the pain, drawing from his remote work experiences, and his co-founder, who works with African fintecs like Lemphi and Fairmani.

Gigap was quickly traced among freelancers, but business signups also started to grow. The team realized that African companies also needed foreign accounts to facilitate inter -bound transactions. “Businesses begin to ask whether they can get fixed bank accounts to make payment easier,” Alad added. “When we start thinking: How big is this opportunity? Who is making for Africa? “

The addition of business banking could not come in better times. Around the same period, US-based fintech Mercury begins to restrict business accounts From several countries, including parts of Africa. It has created a gap in the market, with local fintecs like Reenist gives business customers the opportunity to serve.

এদিকে, ইওআর স্পেসটি বড় খেলোয়াড়দের মতো বেশ প্রতিযোগিতামূলক ছিল Deal began to see the continent More closely.

These events leaned toward Rente as a better chance: to provide a way of taking international payment to African traders.

Scaling to serve individuals and businesses

That bet is paying. Since its inauguration in 2022, the Rainist has processed freelancers and businesses across the continent by serving freelancers and businesses between 2021 and 2021 – more than $ 1 billion in payment. Today, more than 700,000 people use the platform to pay from global platforms like upwork, fiver and gusto. They also use it for online shopping and subscription.

On the other hand, more than 300 businesses depend on the raens to raise money from international customers, collect capital from investors and pay inter -boundary. Its client list includes African startups like Moni Point, Helium Health, Phase Delivery and Mutta.

Compete with several fintech startups that provides Multicureni accounts including Rainist Africa customers Africs, Clava, Gray, AnnexationAnd LeatherThe Alad argues that the renew has an edge because it does not target individuals and businesses opposite any customer type against most players. Beyond its dual system, Reinest said that the speed, protection, reliability and consent prioritize users, Alad said.

Reinest’s ambition extends beyond the border money. “We want to create a secure and non -stop financial ecology for Africans – no matter where they are on earth, helping to acquire their wealth, investing, and increase their wealth,” Alade points to the introduction of upcoming products.

Expansion plan

Currently, three -year -old Fintech works in Nigeria under the transfer license. As part of the next growth period, the company will keep an eye on deepening its presence in Nigeria when the move is protected by the extension licenses in Egypt, Ghana, Kenya and the United States.

With banking partnerships in the United States and the United Kingdom, the Rainist is also working to further secure the scales in these regions. On the way, the goal of the company is to attract top talents to support its expansion, even it brings to Gigap and Rainist for business under the Rainist.

The last $ 11 million in the Round Reinest’s total funds in the Series bring $ 14.3 million to $ 14.3 million.

One of the leading investors in the world’s top fintech VC companies has been extending its footprint in Africa since 2022. It supports five startups providing financial services to the continent: Money point, Remedial health, Price, Cedar moneyAnd now the Reinest.

“We believe in the Firm that reducing the gap between the local and global markets will unlock new opportunities for African entrepreneurs, freelancers and businessmen, finally running a larger economic empowerment across the continent,” Gobanga Ajay, Partner and Middle Chief of Africa, and Africa Said East A KWED investors.

Other rounds of rounds include Growth-Stage VC companies from PAN-African first, such as Norkens 22, Venture Platform, P1 Venture and Seed Star.