Nigerian fintech company Raenest has expanded its cross border payment services to India and the Philippines, two of the world’s largest freelance markets. The move gives digital professionals in both countries access to multicurrency accounts and faster payouts from global platforms. It also signals Raenest’s growing ambition to become a trusted financial partner for the global remote workforce.
The expansion is expected to make it easier for freelancers in both countries to receive and manage international payments. By offering foreign currency accounts and near instant payouts, Raenest is addressing long standing payment delays and high transfer costs that many remote workers face.
Strengthening Freelance Economies with Better Financial Tools
India and the Philippines are major hubs for freelance talent. India is home to more than 15 million freelancers, while the Philippines recorded a 208 percent increase in freelance revenues between 2019 and 2020. These numbers show how important remote work has become to both economies.
Raenest’s entry into these markets is designed to support this growth. Freelancers in India and the Philippines can now open foreign currency accounts in US Dollars, British Pounds and Euros. This allows them to receive international payments as if they had local bank accounts in those regions. For many freelancers, this removes the need for complex third party payment channels and reduces the cost of currency conversion.
A major feature launched in both countries is Raenest FastTrack. The tool connects directly with platforms such as Upwork and enables freelancers to access their earnings in under an hour, including on weekends. Traditional banking systems often delay payouts for several days, especially across borders. Faster access to funds improves cash flow for freelancers who rely on steady income to manage business expenses and personal needs.
The platform also supports stablecoin payments in USDT and USDC, which are automatically converted into US dollars. This offers an additional option for freelancers working with clients who prefer digital assets. By combining traditional foreign currency accounts with digital asset support, Raenest is positioning itself as a flexible solution for modern remote workers.
The decision to launch in India and the Philippines was not accidental. According to co-founder Victor Alade, the company had observed repeated sign up attempts from users in both countries even before the official rollout. “We were seeing strong organic demand from India and the Philippines long before we launched there,” he noted. That early interest helped shape the company’s strategy and confirmed that there was a clear need for its services in both markets.
Expanding Globally While Navigating Competition and Regulation
Raenest’s expansion into Asia follows its earlier entry into the United States. Founded in 2022, the company has grown quickly across Africa and North America. It now serves more than 700,000 individuals and has processed over US$1 billion in transactions. The company also raised US$11 million in a Series A funding round last year, providing capital to support its international growth plans.
Entering India and the Philippines required a careful regulatory approach. Rather than positioning itself as a domestic bank, Raenest operates as a foreign currency platform. It focuses on inbound foreign currency transactions, which allows it to serve freelancers without immediately applying for local banking licenses. The company works with licensed partners such as TerraPay to ensure compliance with local financial regulations.
The fintech space in both countries is competitive. Companies like Wise and Grey already provide international money transfer services. However, Raenest is focusing on a specific segment of the market. Alade explained that many existing platforms are designed for general remittances and not for remote workers. Raenest is building tools that respond directly to the needs of freelancers, including features such as invoicing support and fast platform integrations.
For freelancers, these tools are more than just convenience. Faster payments can mean better financial planning. Access to foreign currency accounts can help protect income from exchange rate losses. Support for digital assets offers flexibility in how earnings are received. In fast growing freelance economies, such improvements can have a wider economic impact by strengthening the financial stability of independent workers.
While some features, such as US stock investing, remain available only in the US market for now, Raenest has made it clear that its expansion strategy will continue to be guided by user demand. The rollout in Asia is being done in phases, allowing the company to adapt its services based on local feedback.
