Africa’s tech ecosystem is booming, and with it comes the rise of remote jobs with Big Tech firms and global startups for individuals in the region. However, one major challenge that many freelancers and remote workers face is getting paid in a timely and efficient manner. Opening accounts that accept U.S. dollars, slow invoicing and payment processes, and incompatible payment platforms used by foreign employers all contribute to this struggle.
To address this issue, Lagos-based fintech company Raenest has developed a solution called Geegpay. Through Geegpay, freelancers are provided with virtual USD, GBP, and EUR accounts to receive payments, manage multi-currency wallets, and convert currencies. Additionally, Raenest offers virtual and physical debit cards that accept multiple currencies like U.S. dollars.
Originally launched in 2022 as an Employer of Record (EOR) to help foreign companies pay African employees in compliance with local norms, Raenest quickly pivoted its focus to individuals struggling to receive payments. Co-founder Victor Alade, along with Mustapha Sodruldeen and Richard Oyome, recognized the need for a platform that streamlines cross-border transactions for both freelancers and businesses in Africa.
Since its inception, Raenest has processed over $1 billion in payments, a significant increase over the past two years. More than 700,000 individuals and 300 companies across the continent rely on the platform for receiving payments from global platforms, online shopping, subscriptions, and cross-border transactions. Raenest competes with other fintech startups offering multi-currency accounts in Africa, but its unique focus on both individuals and businesses sets it apart from the competition.
Looking ahead, Raenest plans to deepen its presence in Nigeria and secure licenses in Egypt, Ghana, Kenya, and the U.S. The company aims to create a seamless financial ecosystem for Africans, enabling them to earn, invest, and grow their wealth regardless of their location. With a recent $11 million Series A funding round led by QED Investors, Raenest is well-positioned to expand its reach and bring its Geegpay and Raenest for Business products under a single brand. Other investors in the round included Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.
In conclusion, Raenest’s innovative approach to addressing the payment challenges faced by freelancers and businesses in Africa is poised to drive economic empowerment and opportunities for entrepreneurs across the continent. With a strong focus on providing efficient and secure cross-border payment solutions, Raenest is well-positioned for continued growth and success in the African fintech market.
