← State of Embedded Finance 2026

Raenest

“Can a multi-currency account platform built for Africa's remote workforce become the financial OS for all globally-mobile Africans — both individuals and businesses?”

Founded2022
HQLagos, Nigeria (US entity: Frisco, TX)
FoundersVictor Alade (CEO & Co-Founder), Richard Oyome (COO & Co-Founder), Sodruldeen Mustapha (CTO & Co-Founder)
Total raised$14.3M
Latest roundSeries A, February 2025 (announced/closed Jan 2026)
IndustryFintech / Cross-border payments

The story

Founded in 2022 as a virtual-account and card solution for African freelancers (under the Geegpay brand), Raenest expanded in 2024 to serve African startups and SMBs needing US banking alternatives — positioning itself as a Mercury replacement when Mercury tightened compliance on African users. The company unified its consumer and business offerings under the Raenest brand and added investment, stablecoin, and savings products to become a full multi-currency financial OS for global Africans. Its $11M Series A (QED-led) is funding geographic expansion into Kenya, the US, and Egypt.

Last 12 months

2025-02

QED Investors led $11M Series A round; total funding reaches $14.3M with Norrsken22, Ventures Platform, P1 Ventures, and Seedstars participating.

2025-02

Raenest aggressively markets to African founders displaced by Mercury's compliance changes, offering two free USD cards and no-charge international transfers for two months.

2025-01

Terms of Service updated (February 2025) to include Stablecoins and Stock Investment sections, signaling new product additions.

Product timeline

2022

Founded as Raenest; launched Geegpay, a virtual USD account and debit card for African freelancers and remote workers.· banking

2023

Raised $2.6M seed round; expanded multi-currency wallet to support GBP and EUR accounts alongside USD.· banking

2024

Launched Raenest Business platform serving 11,800+ businesses in 13 countries, adding business accounts, virtual and physical USD cards, payroll automation, and invoicing.· banking

2024

Expanded to cater to startups and businesses as a Mercury alternative for African founders, offering same-day onboarding and free international transfers.· pivot

2025

Added stablecoins and stock investment products as listed in Terms of Service; expanded to Kenya and began planning US and Egypt entry.· banking

2025

Closed $11M Series A led by QED Investors, bringing total funding to $14.3M; rebranded/unified Geegpay consumer product under Raenest brand.· banking

The stack

Banking / BaaS

Regent Bank (sponsor)

Card issuing

Rain (Visa Principal Member)

KYC

Sumsub

Sponsor bank

Regent Bank

Accounting gap: significant