By 
Nigerian fintech startup Raenest has secured $11 million in Series A funding, with QED Investors leading the round alongside Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest funding brings Raenest’s total venture capital raised to $14.3 million.
Raenest provides freelancers and businesses with virtual USD, GBP, and EUR accounts, enabling seamless cross-border transactions, multi-currency wallet management, and currency conversions. Additionally, the platform offers both virtual and physical debit cards that support multiple currencies, including the US dollar.
Since its inception in 2022, the company has processed transactions exceeding $1 billion, reflecting a 160% growth over two years. Currently, Raenest serves a customer base of 700,000 individuals and over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
The newly acquired funds will be used to bolster its operations in Nigeria and Kenya, while also gearing up for expansion into the US and Egypt.
Meanwhile, in Ghana, Affinity Africa, a digital banking startup, has raised $8 million in seed funding to accelerate its growth.
Founded in 2022, Affinity Africa received a savings and loans license from the Bank of Ghana, marking the first issuance of such a license in over a decade. Following regulatory approval, the company officially launched its mobile app in October 2024. Since then, it has attracted over 50,000 customers, offering an array of financial services such as personal and SME accounts, savings, payments, transfers to banks and mobile money wallets, investments, and loans.
Speaking on the rapid growth of the platform, Affinity’s founder and Group CEO, Tarek Mouganie, emphasized the need for improved banking services in the region.
“The strong, sustained growth we have seen since launching our mobile app underscores the demand for a better banking experience—one without excessive fees and long queues. As a technology-driven financial institution, we are committed to providing affordable and user-friendly solutions. Our unique business model not only attracts deposits but also enables us to offer the most affordable instant loans in the region,” he stated.
Both Raenest and Affinity Africa continue to reshape Africa’s financial ecosystem, demonstrating the continent’s increasing potential for fintech innovation and expansion.
Comments