Nigerian cross-border payments startup Raenest is expanding into India and the Philippines, marking a significant shift in how African fintech companies are positioning themselves within the global digital workforce economy. The move places Raenest in two of the world’s most active freelance markets, connecting remote professionals in South and Southeast Asia directly to clients in the US, UK, and Europe through foreign-currency accounts and faster payout infrastructure.
The expansion follows the company’s entry into the US market in October 2025, where it rolled out four new products, including faster freelance payouts, stock investing, and stablecoin conversion. While not all newly launched products are currently live in Asia, freelancers in India and the Philippines now have access to Raenest’s core cross-border payment tools—excluding local currency wallets and US stock investments.
A Data-Driven Entry into Global Freelance Hubs
Raenest’s leadership says the decision to target India and the Philippines was shaped by both internal demand signals and macro market indicators.
“These two markets, India and the Philippines, are the top countries when it comes to freelancers who are based in their home countries but working with companies in the US, the UK, and other parts of the world,” Victor Alade, Raenest’s co-founder, told TechCabal
According to Alade, internal company data showed repeated sign-up attempts from users in both countries even before the official launch, alongside broader market indicators around freelancer population size and earning potential.
India has over 15 million freelancers, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), with 23% earning above ₹40 lakh ($44,000). Meanwhile, the Philippine Institute for Development Studies (PIDS) reported a 208% growth in freelance revenues between 2019 and 2020—figures that underscore the depth of opportunity in both markets.
Not a Remittance Play
Raenest says it is entering the South and Southeast Asian markets as a foreign-currency platform, not as a replacement for domestic banks.
In both markets, users can open foreign currency accounts in US Dollars ($), British Pounds (£), and Euros (€), and receive payments using Raenest’s FastTrack feature, which links directly to their Upwork accounts.
According to the company, freelancers using FastTrack on Upwork can receive payments in under one hour, including on weekends and public holidays.
Users can also receive USDT or USDC payments in their stablecoin wallets, which are automatically converted to dollars. Funds in these wallets can then be withdrawn directly to local bank accounts in local currency.
Raenest is also rolling out invoicing tools in both markets to allow freelancers and consultants to bill clients and track income within the app. The company generates revenue from customer deposits into their Raenest Global Accounts and from withdrawals—a model it intends to replicate in Asia.
Competition is stiff. Global and regional players such as Karbon Business, Skydo, Wise, and Grey already serve cross-border users in these regions alongside local banks. However, Raenest argues its focus is different.
“Those solutions are not tailored for this set of users. They mainly focus on remittances,” Alade said. “But we’ve tailored this to work for freelancers and remote workers who are based in these countries.”
Why This Expansion Matters Beyond Raenest
For industry observers, Raenest’s move represents something bigger than a market entry—it signals the growing confidence of African fintechs to compete in non-African corridors.
Speaking to Techmoni Africa, fintech analyst and digital economy researcher Adaeze Nwankwo says the expansion reflects a shift in how African startups view their addressable market.
“What Raenest is doing is exporting financial infrastructure built for emerging-market freelancers to other emerging markets facing similar friction,” Nwankwo said. “India and the Philippines have scale, but freelancers there still deal with payout delays, FX constraints, and high conversion costs. An African company entering that space shows how fintech innovation is becoming increasingly borderless.”
According to Nwankwo, there is also a structural advantage.
“Startups that were built in Africa understand currency volatility, regulatory fragmentation, and cross-border income challenges. That experience can translate well into Asian freelance markets. This is not just expansion—it’s infrastructure portability.”
She adds that the rise of stablecoins as a payout rail could become a strategic lever in such markets, especially where freelancers are already comfortable with digital asset flows.
“If Raenest can seamlessly integrate stablecoin-to-fiat conversion with fast withdrawals, that could resonate strongly with digitally native freelancers,” she noted.
Backed by Capital and Partnerships
The Asia expansion comes exactly one year after Raenest raised $11 million in Series A funding to enter new markets and introduce new product features.
Founded in 2022 by Victor Alade, Richard Oyome, and Sodruldeen Mustapha as an Employer of Record (EOR), Raenest currently operates across multiple African markets—including Kenya, Ghana, Tanzania, and Uganda—and is licensed in Canada.
Partnerships with licensed payment providers, including TerraPay, have been central to its Asia rollout. By operating as a foreign-based remittance platform rather than offering local wallets, the company says it has been able to navigate regulatory requirements in both India and the Philippines.
The Bigger Play
India and the Philippines, Alade hinted, are only the beginning.
“These are the two markets we’re starting with, but we will continue to see more of that,” he said, adding that future launches would depend on user demand and regulatory readiness.
For Techmoni Africa, the broader takeaway is clear: African fintechs are no longer building only for African corridors. They are increasingly designing global infrastructure for a borderless workforce.
Raenest’s entry into Asia may well mark the beginning of a new chapter—where fintech innovation flows not just from West to East, but from South to South.
