Click to watchRaenest, a Nigeria-based cross-border remittance company that offers multicurrency accounts for freelancers has expanded to the United States, eight months after raising $11 million in Series A. The company is now capitalizing on that investment to push into new international corridors, with the U.S. being its most significant market entry to date.
“This product is for Africans wherever their journey takes them,” Co-founder and Chief Executive Officer Victor Alade announced at the inaugural Raenest Exchange 2025 event held in Lagos. The expansion is a direct execution of the strategy outlined during its recent fundraise, which also targeted entry into Egypt.
Raenest’s transatlantic leap positions it among a growing cohort of Nigerian financial technology firms with global ambitions, following similar international plays by payments giants like Paga and Moniepoint, which are eyeing the European market.
Founded in 2022, Raenest has undergone a significant pivot. After an initial start as an Employer of Record (EOR) service, the company shifted its focus to solving cross-border payment complexities for Africa’s burgeoning freelance and business communities. It currently offers users global bank accounts and processes payments in U.S. dollars, euros, and British pounds.
Through its consumer-facing app, Geegpay, Raenest has built a substantial user base by enabling freelancers and content creators to receive payments from international platforms such as Upwork, Fiverr, and Gusto. The company reports serving over 1 million customers and has processed more than $2 billion in transactions.
Click to viewIn a bid to deepen its ecosystem and move toward becoming a financial super-app, Raenest also unveiled a suite of new features at the event. Users can now receive payments in the USDT stablecoin, which is then automatically converted to U.S. dollars. The company has equally integrated directly with freelance platforms like Upwork to reduce payment access times to under an hour and has added a feature for users to buy and sell stocks.
*This is a developing story
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