From Seroll Burt
February 12, 2025
That means returning something …
The Fintech company Raenest, based in Nigeria, recently received an investment of $ 11 million from QED investors in order to receive freelancers and remote employees in Africa, reports Techcrunch.
Since the workers all over Africa with large technology companies and global startups are gaining employment, the retail product of Raenest, Geegpay, has the challenge of ensuring that freelancers and remote employees are paid for several currency letters, work with USD, GBP and EUR accounts . The founders Victor Alade, Sodrudeen Mustapha and Richard Oyome, who were introduced in 2022 in 2022, initially wanted to help foreign companies to pay African employees in order to remain compliant with local norms. Strangely enough, freelancers were not on their radar.
Months later, however, they realized that the problem was the workers who fought to receive payments – not the other way round. The experienced engineers took the opportunity to tackle the growing pain point. “A US company may not be important whether a payment will be delayed by five days, but for someone in Nigeria or Kenya this is a big matter – especially if you are converted into the local currency,” said Alade.
“Companies asked if they could receive fixed bank accounts to simplify payments. Then we started to think: How big is this opportunity? Who else builds for Africa? “
It did not take long for GEEG Pay to be popular with freelancers and removed workers in addition to business registrations. The helpful instrument came on time when a fintech, Mercury, based in the USA, restricted business accounts from a number of countries, including African nations.
With the support of QED investors, one of the world's leading fintech venture capital companies, which is his African footprint, his partner and director of Africa and the Middle East, Gbenga Ajayi entrepreneur. “We are firmly convinced that Raenest will unlock new possibilities for African entrepreneurs, freelancers and companies by closing the gap between local and global markets and ultimately drive greater economic strengthening on the entire continent,” said Ajayi.
Since the first start of the FinTech, the company has to expand its presence in Nigeria and Kenya, according to FixExtra over 1 billion US, and to start soon in the USA and Egypt.
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