QED leads an investment of $ 11 million in Nigerian Fintech Raerest
With the prosperity of the ecosystem of technology in Africa, more local talents are a remote decline with large technology companies and global startups. But obtaining salaries still represents a challenge for many of these independents and workers remotely. They are struggling to open accounts that accept US dollars, as foreign employers use incompatible payment platforms, and to face slow bills and payment operations.
Enter RinOne of the many local technology that intervened to fix this. The company has just raised $ 11 million of financing from the Qesity A, led by Qed Investors, to expand its access throughout Africa.
Through the retail product, Geegpay, which was launched in early 2022, Raerest offers USD, GBP and independent accounts. These accounts help them receive payments, manage multiple currency portfolios, and transfer currencies. Raerest also provides virtual and physical debit cards that accept multiple currencies such as US dollars.
Last March, Raest, which is based in Lagos, expanded to the independents with Raenest for Business, a platform that provides the same financial services to African companies, allowing them to send and receive international payments.
Growth behind independents
Interestingly, Raerest did not start with the position of independents in mind. Victor AlaaAlong with the founders Sudroldine Mustafa and Richard AyumIn 2022, the company launched a registration employer (EOR) – helping foreign companies to pay African employees in a compatible way.
However, after two months, the founders realized that the real problem was not with companies that send payments, and that was with individuals who struggle to receive them.
“The American company may not care if the payment is delayed for five days. But for a person in Nigeria or Kenya, this is a big problem – especially when switching to the local currency becomes another obstacle,” said the CEO, a former software engineer in Jumia and Andela, said. Techcrunch.
They also deduced from his work experience, Eliad and its participating institutions, who also bring experience in working with African technologies such as LEMFI and Fairmony, the focus of Raenest on this pain point.
GEEGPAI gained traction speed between independents, but commercial subscriptions also started to rise. The team realized that African companies also need foreign accounts to simplify the cross -border transactions. Alade added: “The companies started asking whether they could obtain fixed bank accounts to simplify payments.” “This is when we started thinking: What is the size of this opportunity? Who is the last building of Africa?”
The addition of commercial banking services cannot come better. In the same period, Fintech is based in the United States Mercury began to restrict commercial accounts From several countries, including parts of Africa. This created a gap in the market, giving local technology like Raeast an opportunity to serve business customers.
Meanwhile, EOR space was completely competitive with the main players like Del started looking at the continent Close.
These events have made Raerest to what I saw a better chance: African companies provide a way to receive and send international payments.
Specific to serve individuals and companies
This bets pays its fruits. Since its launch in 2022, Raerest has processed more than one billion dollars in the payment volume – a 160 % growth between 2023 and 2024 – which serves independents and companies throughout the continent. Today, more than 700,000 individuals use the platform to receive payments from global platforms such as UpWork, Fiverer and GUSTO. It also uses it to shop online and subscriptions.
On the other hand, more than 300 companies rely on Raerest to collect payments from international customers, raise capital from investors, and make boundaries. Its customers include African startups such as MoniePoint, Helium Health, Fez Delivery and Matta.
Raerest competes with many start -up startups that offer multi -process accounts to customers in Africa, including Afriexand Klifand ashenand VertoAnd Leather. Alade argues that Raerest has an advantage because it targets individuals and companies, unlike most players who meet exclusively for the type of one customer. Besides his double approach, Raest gives priority to speed, safety, reliability and compliance with the retaining users.
Raest’s ambitions extend beyond the across the border payments. “We want to create a safe and smooth financial environmental system for Africans – helping them gain, invest and plant their wealth, regardless of their location in the world,” Eliad said, hinting on the launch of the coming products.
Expansion plans
Currently, three -year -old Fintech works in Nigeria under money transfer license. As part of the next growth stage, the company will search for deepening its presence in Nigeria while securing the expansion licenses in Egypt, Ghana, Kenya and the United States will allow this step Raeenst to serve Africans in the continent and in the diaspora.
With banking partnerships in the United States and the United Kingdom, Raest also works to secure more in these areas during their balance. Along the way, the company aims to attract the best talents to support its expansion even because it brings Geegpay and Raerest to business under one trademark, Raerest.
The latest A 11 million -dollar chain series is $ 14.3 million.
The main investor, QED, one of the world’s major companies in the world, has increased its mark in Africa since 2022. Five startups have supported financial services on the continent: MoniePointand Therapeutic healthand Preciumand Rice moneyAnd now Ring.
“We believe a firm belief that by bridging the gap between local and global markets, Renst will open new chances of African businessmen, independent and companies, which leads at the end Its empowerment of greater economy throughout the continent. ” East in Qed Investors.
Among other investors in the tour of the ERCAN company early, such as Norrsken22, Ventures platform, P1 projects, and seedstars.
