Raenest, a Nigerian-based cross-border payments and remittance startup, has launched its services in India and the Philippines, marking its expansion into South and Southeast Asia.
The move is aimed at serving freelancers and digital professionals who earn income across borders, particularly those working with clients in the United States, the United Kingdom, and other global markets.
As part of the expansion, Raenest is introducing Raenest FastTrack, a feature that gives Indian freelancers near-instant access to their Upwork earnings. With FastTrack, users can receive payouts in under one hour, including on weekends and public holidays, eliminating long waiting periods and traditional bank delays.
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In both India and the Philippines, users can open foreign currency accounts in U.S. dollars, British pounds, and euros, allowing them to receive international payments as if they were local. The platform supports payments from up to 190 countries in major currencies, offering freelancers a seamless way to manage global income.
Raenest is also enabling users in these markets to receive stablecoins USDT or USDC via multiple blockchain networks, including Ethereum, Binance, Polygon, Tron, and Solana. These stablecoin payments are automatically converted at a 1:1 rate to U.S. dollars, after which funds can be withdrawn directly to local bank accounts in local currency. The company describes the experience as fast, flexible, and borderless.
The Asian expansion follows Raenest’s entry into the U.S. market in October 2025, where it rolled out several new products, including faster freelance payouts, stock investing, and stablecoin conversion. While not all of these newly launched products are currently live in Asia, Raenest confirmed that users in India and the Philippines now have access to its core payment tools, excluding local currency wallets and U.S. stock investments.
The decision to enter these two markets was driven by strong data around the size and growth of the freelance economy.
“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 said.
According to Alade, internal company data showed repeated sign-up attempts from users in both countries even before the official launch, alongside broader indicators such as freelancer population size and earning potential.
Raenest has clarified that it is entering South and Southeast Asia as a foreign-currency platform rather than a replacement for domestic banks. In addition to FastTrack-linked Upwork payouts, users in both markets can receive stablecoin payments that are automatically converted to dollars. Funds held across different wallets can then be withdrawn to local bank accounts.
The company is also rolling out invoicing tools to help freelancers and consultants bill clients, manage invoices, and track income within the app. Revenue in these new markets will be generated primarily from customer deposits into Raenest Global Accounts and from withdrawals, following the same model used in its existing markets.
Founded in 2022 by Victor Alade, Richard Oyome, and Sodruldeen Mustapha, Raenest began as an Employer of Record (EOR) before evolving into a multi-currency accounts platform for individuals and businesses across Africa. Through its consumer product, Geegpay, the company enables freelancers, creators, and solopreneurs to receive payments from platforms such as Upwork, Fiverr, and Gusto.
Raenest says it now serves over 700,000 individual customers and has processed more than $1 billion in payments to date. Its business banking service, launched in March 2024, has also gained traction as an alternative for African startups following the exit of Mercury from the continent. The platform currently serves around 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, and has processed over $100 million in transactions since launch.
Operating in an increasingly competitive African cross-border payments market, Raenest competes with players such as Cleva, Grey Finance, and LemFi. However, its dual B2C and B2B approach positions it to serve both individuals and businesses receiving international payments. As the company continues to scale, it plans to further expand its reach to better serve Africans in the diaspora and freelancers across emerging markets.