Nigerian Fintech Raenest Acquires UK Payments Firm Remitise to Expand Global Operations

Nigerian-founded fintech Raenest has acquired 100% of UK-based payments company Remitise as it expands its international operations and takes greater control of the financial infrastructure supporting its cross-border services.

Announced on 10 November 2026, the acquisition gives Raenest ownership of a company registered with the UK's Financial Conduct Authority (FCA). The financial terms of the transaction have not been disclosed.

Founded in 2022 by Victor Alade, Richard Oyome and Sodruldeen Mustapha, Raenest initially focused on helping freelancers and remote workers receive payments from international clients. It has since expanded into a broader financial platform offering multi-currency accounts, international transfers, virtual and physical USD cards, stablecoin services and access to US stock investments.

The company now reports more than 1.5 million registered customers and over US$3 billion in lifetime transaction volume.

UK acquisition strengthens regulatory footprint

The acquisition adds to Raenest's existing regulatory presence in Nigeria and Canada. The company holds an International Money Transfer Operator (IMTO) licence issued by the Central Bank of Nigeria, alongside Money Services Business and Payment Service Provider registrations in Canada.

Through Remitise, Raenest gains ownership of an established UK payments business with FCA registration. This gives the fintech a stronger local foundation as it develops its international payment operations and relationships with financial institutions.

For African fintech companies expanding into international markets, establishing local regulatory and operational structures can reduce dependence on third-party payment providers and give them greater control over how their services are delivered.

Raenest co-founder and chief executive Victor Alade described the acquisition as an investment in the infrastructure needed to support the company's international growth.

The company plans to use the expanded UK presence to strengthen local payment capabilities, develop financial partnerships and support additional cross-border services, subject to applicable regulatory permissions.

Raenest builds on $11 million funding round

The acquisition follows Raenest's US$11 million Series A funding round in February 2025, led by fintech-focused venture capital firm QED Investors. The investment brought the company's total disclosed venture funding to more than US$14 million.

The funding supported international expansion, product development and investment in its financial infrastructure.

Raenest's latest transaction reflects a strategy that combines product development with ownership of businesses and infrastructure in markets where it operates.

However, the company has not announced immediate changes to its customer-facing products or provided a timetable for new services following the acquisition. Remitise's existing regulatory permissions will also remain subject to their specific scope and applicable requirements.

The acquisition gives Raenest full ownership of a UK-registered payments business, adding another regulatory and operational base to its growing international financial platform.