As Africa’s tech ecosystem booms, more freelancers and remote workers land coveted roles with Big Tech and global startups—but getting paid remains a constant challenge. Many talented professionals struggle to open accounts that accept U.S. dollars, while slow invoicing and incompatible payment platforms only add to their frustration. Enter Raenest, a Lagos-based fintech that’s turning these challenges into shared opportunities for economic empowerment across the continent.

A Story of Transformation: From EOR to Empowering Individuals and Businesses

Raenest wasn’t originally conceived to serve freelancers. Co-founders Victor Alade, Sodruldeen Mustapha, and Richard Oyome initially launched the company in 2022 as an Employer of Record (EOR), designed to help foreign companies pay African employees in compliance with local norms. However, they soon discovered that the real pain point lay not with the companies sending payments, but with individuals struggling to receive them.

“While a U.S. company might shrug off a five-day delay, for someone in Nigeria or Kenya, that delay can be a significant setback—especially when converting to local currency is another hurdle,” Alade explains. Drawing from their own remote work experiences and the realities of African fintech, the founders pivoted quickly. They reimagined their solution into Geegpay—a platform that provides freelancers with virtual USD, GBP, and EUR accounts, multi-currency wallets, and both virtual and physical debit cards. This innovation enabled thousands to receive payments swiftly and securely.

Strategic Innovation: Leveraging AI and Global Partnerships

Raenest’s story is one of strategic reinvention. The company harnessed the power of digital technology to build a solution that addresses both individual and business needs. Their strategy was clear:

1. Empowerment Through Technology: By offering virtual multi-currency accounts, Raenest gives freelancers the tools to manage, convert, and spend money without the traditional hassles of international payments.
2. Shared Opportunities for Growth: Recognizing that businesses, too, face challenges in cross-border transactions, the company expanded its platform last March under a new brand, Raenest for Business, streamlining international remittances for African companies.
3. Building for a Global Market: With its Series A round of $11 million—led by QED Investors and joined by NVC, Amplify Ventures, ICONIQ Growth, Bain Capital Ventures, and Y Combinator—Raenest has doubled its valuation from its last round to a remarkable $1.2 billion. This funding will fuel further technological development, strategic hiring, and expansion across Africa.

As competition heats up—with fintech rivals like Afriex, Cleva, and Verto targeting the same market—Raenest’s dual approach of serving both individuals and businesses gives it a unique edge. It not only simplifies payment processing but also builds a comprehensive financial ecosystem that helps Africans earn, invest, and grow their wealth globally.

Shared Opportunities: Empowering Africa’s Economic Future

Raenest’s success isn’t measured solely by its impressive valuation or user numbers—over 700,000 individuals and more than 300 companies rely on its platform. The company has processed over $1 billion in payments, a 160% increase over the past two years, reflecting the tangible impact of its solution.

By bridging the gap between local and global markets, Raenest is unlocking new opportunities for African entrepreneurs, freelancers, and businesses alike. As they continue to integrate global banking partnerships and expand their licensing to Egypt, Ghana, Kenya, and the U.S., the startup is paving the way for a more inclusive digital financial ecosystem on the continent.