Raenest strengthens UK expansion with acquisition of payments firm Remitise

Nigerian fintech company Raenest has made a significant move in its expansion by acquiring UK-based payments firm Remitise. This deal, announced in November 2026, gives Raenest full ownership of Remitise, which is registered with the UK’s Financial Conduct Authority (FCA). However, the financial details of the acquisition have not been disclosed.

The purchase aligns with Raenest’s strategy to enhance its presence in international markets where customers earn, spend, and send money. By acquiring Remitise, Raenest secures a regulated foothold in the UK, adding to its existing International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN).

Remitise operates as a small payment institution under FCA regulations, allowing it to offer certain services within specific limits. This acquisition could strengthen Raenest’s payment operations in the UK, allow for the development of local financial partnerships, and lessen reliance on third-party service providers.

However, it is important to note that the FCA registration does not grant the fintech the right to provide every type of financial service or operate independently of banking and settlement partners.

Why the UK market matters to Raenest

The UK plays a vital role in international payments, especially for those transferring money between Britain and countries like Nigeria. Raenest is at the forefront of this market, offering a range of services that include global accounts, international money transfers, virtual and physical dollar cards, stablecoin options, and investments in US stocks.

With the acquisition of Remitise, the fintech is enhancing its regulatory framework as it seeks to broaden its service offerings globally. Victor Alade, co-founder and CEO, highlighted the company’s commitment to improving its systems, partnerships, and regulatory approvals to better serve customers in various regions.

“Acquiring Remitise is another step towards building a reliable global financial platform. It helps us better serve our customers today and support their financial needs as they grow,” Alade stated.

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Founded in 2022 by Alade, Richard Oyome, and Sodruldeen Mustapha, Raenest has already made significant strides, boasting over 1.5 million registered customers and processing more than $3 billion in transactions to date. In February 2025, the company raised $11 million in a Series A funding round led by QED Investors, bringing its total disclosed funding to over $14 million.

This funding is aimed at supporting international growth, infrastructure improvements, and the development of new products.

Victor Alade, CEO of Raenest

The company believes this deal will enhance its payment capabilities in the UK and bolster the infrastructure for its cross-border services. However, Raenest has not provided a timeline for when customers can expect to see changes to its offerings following the acquisition.

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