Nigerian fintech Raenest has bought 100% of Remitise, a UK payments company registered with Britain’s Financial Conduct Authority (FCA). The price wasn’t disclosed. It gives Raenest its own regulated base in the UK, instead of relying on partners (Nairametrics).
Raenest, a Lagos-based fintech, announced the deal on 10 November. It joins LemFi, which bought UK card issuer Pillar in 2025, among Nigerian fintechs buying regulated companies in Britain (Semafor).
Who is Raenest?
Raenest helps Africans receive, hold, convert and spend money across borders. Freelancers use it to get paid by foreign clients, and remote workers use it to collect salaries in dollars, euros and pounds.
It was founded in 2022 by Victor Alade, Sodruldeen Mustapha and Richard Oyome. According to Disrupt Africa, it now has:
- Over 1 million individual customers
- Customers in more than 50 countries
- Over US$2 billion in payments processed
Nairametrics, reporting the same deal, gave higher figures: more than 1.5 million registered customers and over US$3 billion in lifetime transaction volume. These are the company’s own numbers; neither has been independently checked.
It raised US$11 million in Series A funding in February 2025, in a round led by QED Investors (TechCabal).
Who is Remitise?
Remitise is a UK payments company registered with the Financial Conduct Authority, the regulator that oversees money businesses in Britain. It was incorporated in 2017, according to Companies House filings cited by Condia.
Why it matters
One common way for African fintechs to expand abroad is to partner with a local bank or licensed firm that holds the licence. It’s faster, but it also means depending on someone else’s rules, speed and fees.
Buying Remitise gives Raenest a regulated UK base of its own. That adds to its International Money Transfer Operator licence from the Central Bank of Nigeria and its money services business and payment service provider licences in Canada (Disrupt Africa).
“Acquiring Remitise is part of our long-term strategy to build a global financial company,” CEO Victor Alade said. He added that Raenest wants “to own more of the infrastructure behind our products” (Condia).
For customers sending and receiving money between Nigeria and the UK, more licensed competition usually means better rates and faster transfers.
What to do next
- If you get paid from the UK: compare providers before your next transfer. Check the exchange rate, not just the fee.
- If you’re building a fintech: watch this model. Owning a licence abroad costs more upfront but can give you more control.
- If you’re a Raenest customer: look out for announcements about new UK features.
