Economy
Raenest Receives $11m to Boost Cross-Border Transactions
By Adedapo Adesanya
Global multi-currency accounts platform, Raenest, has secured $11 million Series A investment as it plans to expand its cross-border money management for Africans.
The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.
The company will aim to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth.
According to a statement shared with Business Post, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032.
“Africa remains one of the fastest-growing regions for global transactions. With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management.
“By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy,” the statement added.
Raenest holds licenses in Nigeria as an approved International Money Transfer Operator (IMTO) and in Canada as a Money Services Business (MSB) and is working to secure additional licenses in key jurisdictions.
The company will be banking on its strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.
The startup which was founded in 2022 by Mr Victor Alade, Mr Sodruldeen Mustapha, and Mr Richard Oyome, initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly.
The company claims it amassed over 700,000 individual customers, processed over $1 billion in payments, and currently serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.
Also, Raenest offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.
Speaking on the announcement, Mr Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides.
“This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”
On his part, Mr Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape.
“We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”
Adding her bit, Ms Lexi Novitske, General Partner of Norrsken22, “Africa’s gig economy is growing at an impressive 20 per cent year-on-year, yet cross-border payment challenges persist for workers and businesses alike.
“Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”
For Mr Kola Aina, Founder and General Partner at Ventures Platform, he emphasised their continued support saying, “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange returned to positive territory after it chalked up 1.18 per cent on Wednesday, June 24.
The NASD Security Index (NSI) was up during the session by 50.02 points to 4,289.36 points from the previous session’s 4,239.34 points, and the market capitalisation got a N30.03 billion boost to settle at N2.574 trillion compared with Tuesday’s closing value of N2.544 trillion.
The growth witnessed yesterday was influenced by two securities, led by Central Securities Clearing System (CSCS) Plc, which improved its value by N4.68 to N79.68 per share from N75.00 per share. Food Concepts Plc grew by 25 Kobo to sell at N2.75 per unit versus the preceding day’s N2.51 per unit.
At the close of trading activities, the value of securities bought and sold by market participants went up by 1,387.1 per cent to N82.9 million from the preceding session’s N5.6 million, and the volume of securities soared by 1,162.2 per cent to 2.7 million units from the previous 211,671 units, while the number of deals was halved by 50 per cent to 19 deals from 38 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 68.3 million units transacted for N4.7 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The value of the Naira further depreciated by 0.72 per cent or N9.90 against the United States Dollar to N1,380.54/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, June 24, in contrast to Tuesday’s exchange rate of N1,370.64/$1.
Equally, the local currency weakened against the Pound Sterling in the same official market yesterday by N4.88 to close at N1,815.63/£1 versus the previous session’s N1,810.75/£1, and lost N2.61 on the Euro to sell at N1,563.63/€1 compared with the preceding day’s N1,561.02/€1.
However, at the GTBank forex counter, the domestic currency maintained stability against the US Dollar during the session at N1,380/$1, and at the parallel market, it closed flat at N1,395/$1.
Rising FX payments and a strong US Dollar have generally put significant pressure on emerging-market currencies, like the Naira.
According to the data from the Central Bank of Nigeria (CBN), NFEM interbank FX turnover was relatively steady at $125.588 million across 126 deals, from $125.314 million the previous day.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the apex bank, with more than six weeks of no support for the local currency.
Meanwhile, Nigeria’s foreign reserves increased further to $51.142 billion, while global oil prices entered the lower $70s.
Meanwhile, in the cryptocurrency market, nearly $1 billion worth of futures positions were liquidated across crypto majors to tokenised versions of stocks such as Micron Technology Inc (MU) and Sandisk (SNDK).
The dip triggered roughly $430 million in long liquidations on Bitcoin-tracked futures, or bets on higher prices that were automatically closed as the price fell.
Thursday’s PCE inflation print, the Fed’s preferred price gauge, is the next data point that could move the market in either direction, with Dogecoin (DOGE) down by 2.4 per cent to $0.0771.
Further, Bitcoin (BTC) fell by 1.9 per cent to $61,584.02, Ethereum (ETH) shed 1.6 per cent to trade at $1,645.50, Ripple (XRP) depreciated by 1.6 per cent to $1.08, Binance Coin (BNB) slumped by 1.5 per cent to $570.95, Cardano (ADA) crashed by 1.1 per cent to $0.1495, and Solana (SOL) slipped by 1.0 per cent to $69.19.
But TRON (TRX) gained 0.1 per cent to finish at $0.3288, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The price of Brent crude futures, the global oil benchmark, declined by $3.34 or 4.3 per cent on Wednesday to settle at $73.74 per barrel, its lowest level before the start of the Iran war on February 28, 2026.
Also, the US West Texas Intermediate (WTI) crude futures lost $2.87 or 3.9 per cent during the session to sell for $70.34 a barrel.
The development came as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz, which had been blocked since late February.
Market analysts noted that crude oil flows through the Strait of Hormuz are similar to what they were before the start of the Iran war, as tankers exit the key waterway with the help of military escorts. Around 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours.
Before the war began in late February, roughly 125 ships passed through the chokepoint each day, but current traffic remains a fraction of that.
Reuters reported that three stranded tankers carrying 5 million barrels of crude oil exited the strait on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the US began to unlock more supply stuck in the Gulf.
As Middle Eastern producers scramble to move crude that has spent months stranded in the Persian Gulf, tanker rates have exploded higher. The cost of hiring a tanker in the Gulf has nearly doubled in just a week, jumping from around $106,000 per day to more than $190,000 per day. For some very large crude carriers (VLCCs) hauling cargoes through Hormuz, daily earnings have surged to nearly $470,000.
The US also authorised Iranian oil sales this week, easing decades-old sanctions as it pushes toward a final peace deal with Iran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.
Oman said it would keep the strait open to shipping without imposing tolls and had designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels leaving the region.
Crude inventories in the US remained tight on strong refining demand and amid a release of oil from the government’s emergency stash. The Energy Information Administration (EIA) said crude stocks, including commercial and those in the Strategic Petroleum Reserve, fell by 15.1 million barrels to 743.3 million barrels in the week ended June 19, which was the lowest level since 1984.
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