Key Points:
• Raenest, a Nigeria-based fintech company, has received an $11 million investment from QED Investors to help freelancers and remote workers receive payment across Africa.
• The company’s retail product, Geegpay, solves the problem of paying freelancers and remote workers in multiple currencies, supporting USD, GBP, and EUR accounts.
• Raenest’s founders initially targeted helping foreign companies pay African employees to comply with local norms, but the solution also helped freelancers receive payments, which wasn’t initially their focus.
As fintech companies continue to revolutionize the way we handle money, a Nigeria-based company has secured a major investment to help freelancers and remote workers get paid across Africa. Raenest, a fintech company, has received an $11 million investment from QED Investors to further develop its payment solution, Geegpay.
Geegpay solves a critical problem for freelancers and remote workers in Africa, allowing them to receive payments in multiple currencies, including USD, GBP, and EUR. This is especially significant for those working with foreign companies, who often face difficulties when receiving payment for their services.
The story behind Geegpay is an interesting one. Initially, the founders of Raenest, Victor Alade, Sodruldeen Mustapha, and Richard Oyome, wanted to help foreign companies pay African employees to comply with local norms. However, as they developed their solution, they realized that freelancers and remote workers were also struggling to receive payment, which wasn’t part of their original plan.
Why is this important for business?
Geegpay’s multi-currency payment solution can help businesses operating in Africa to streamline payment processes, reducing the risk of errors and delays. This can be especially crucial for companies looking to expand their operations in the African market. Additionally, Geegpay’s ability to support freelancers and remote workers can help businesses to tap into a vast pool of skilled professionals, opening up new opportunities for collaboration and growth.
As Geegpay continues to grow and develop, it’s likely to have a significant impact on the fintech industry, not just in Africa but globally. The company’s success could inspire other fintech startups to focus on solving similar problems, leading to a more efficient and seamless way of making payments across borders. With the rise of remote work and freelancing, Geegpay is poised to play a critical role in empowering workers and businesses alike.
For now, Raenest’s $11 million investment is a vote of confidence in the company’s innovative approach to payment processing, and it’s likely to fuel further growth and development in the months and years to come. As the fintech industry continues to evolve, it’s clear that Geegpay is a name to watch.
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