Nigerian fintech startup Raenest has completed the acquisition of Remitise, a UK-based payments company, for an undisclosed amount to expand its regulatory footprint and gain greater control over its global payments infrastructure.
Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest 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 platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP. To date, the company has amassed over one million individual customers across more than 50 countries, processed over US$2 billion in payments, and served over 300 businesses. It also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy with efficient payment solutions.
Raenest raised US$11 million in Series A funding in February 2025 to expand its reach in existing and new markets, and its acquisition of Remitise is linked to that ambition.
“Acquiring Remitise is part of our long-term strategy to build a global financial company. We want to own more of the infrastructure behind our products, deepen our relationships with financial institutions and create a stronger foundation for the customers and businesses we serve,” said Victor Alade, Raenest’s CEO.
The acquisition builds on Raenest’s regulatory footprint and includes a money services business (MSB) and payment service provider (PSP) licence in Canada, as well as an international money transfer operator licence in Nigeria.