Raenest, the Nigerian-led fintech specializing in cross-border financial services, has officially expanded its footprint into South and Southeast Asia. By launching in India and the Philippines, the company is positioning itself at the heart of the world’s most dense freelance economies, providing digital professionals with sophisticated tools to manage international earnings.
This move follows a aggressive growth trajectory, including a US market entry in October 2025 and a successful $11 million Series A funding round exactly one year ago.
The decision to prioritize India and the Philippines was fueled by overwhelming market data and organic user interest. Raenest’s co-founder, Victor Alade, noted that internal systems flagged consistent sign-up attempts from these regions long before an official launch was planned.
The macroeconomic potential of these markets is significant:
- India: Home to over 15 million freelancers, with nearly a quarter earning high-tier incomes (above ₹40 lakh/$44,000).
- Philippines: Experienced a staggering 208% growth in freelance revenues between 2019 and 2020, solidifying its status as a global outsourcing hub.
Unlike traditional remittance apps, Raenest is positioning itself as a foreign-currency platform rather than a domestic bank replacement. While local currency wallets and US stock investing (available in the US) are not yet live in Asia, the core offering is robust:
- Multicurrency Accounts: Users can open and manage accounts in USD ($), GBP (£), and EUR (€).
- FastTrack for Upwork: A standout feature allowing freelancers to receive Upwork payments in under one hour, including weekends and public holidays.
- Stablecoin Integration: Dedicated wallets for USDT and USDC that automatically convert to USD, offering a hedge against local currency volatility.
- Business Tools: Integrated invoicing and income tracking to help consultants manage their professional finances within a single ecosystem.
- Seamless Off-ramps: Funds can be withdrawn directly into local bank accounts in local currency.
Raenest enters a crowded field featuring players like Wise, Grey, Skydo, and local banks. However, Alade argues that these competitors often miss the mark by focusing on generic remittances rather than the specific workflow of a remote worker.
Alade stated:
Those solutions are not tailored for this set of users… we’ve tailored this to work for freelancers and remote workers who are based in these countries.
To navigate the complex regulatory landscapes of India and the Philippines, Raenest has partnered with licensed infrastructure providers like TerraPay. By operating as a foreign-based platform focusing on inbound foreign currency, the company has bypassed the need for immediate local banking licenses while remaining compliant.
This Asian expansion is likely just the first phase. With current operations already spanning Kenya, Ghana, Tanzania, Uganda, and Canada, Alade hinted that further launches will follow, dictated by user demand and regulatory readiness.
