Raenest
Raenest is a multi-currency accounts and cross-border payments platform that enables African freelancers, SMBs, and diaspora communities to receive, hold, and spend money in USD, GBP, EUR, and stablecoins across 190+ countries.
- Company typePrivate
- Founded2022
- HeadquartersToronto, Canada
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Raenest does
Raenest is a multi-currency accounts and cross-border payments platform founded in 2022 in Lagos, Nigeria, by Victor Alade (CEO), Sodruldeen Mustapha (CTO), and Richard Oyome (COO). Originally launched as Employer of Record platform Geegpay, the company rebranded in February 2025 and pivoted to provide USD, GBP, EUR, USDT, and USDC accounts to African freelancers, creators, diaspora communities, and small and medium businesses receiving international payments. The platform integrates natively with major freelance marketplaces (Upwork, Fiverr, Deel, Toptal, Contra, Andela, PeoplePerHour) and supports stablecoin acceptance across Ethereum, Binance Smart Chain, Polygon, Tron, and Solana with instant 1:1 USD conversion. The product surface spans core payments (Send Money, Receive Money, Global Accounts), card issuance (virtual and physical Visa/Mastercard with transparent fees), smart invoicing, US stock investing via Alpaca Securities and City Investment Capital, and a differentiating Raenest FastTrack feature that delivers Upwork payouts in under one hour including weekends and bank holidays.
The business model is predominantly transaction-based on a freemium foundation: two free deposits per month, then 0.8% deposit fees capped at $10/£10/€10; ACH/UK/EU payment minimums of $1.50/£1.50/€1.50; SWIFT minimums of $7; card issuance at $3 (virtual) and $10 (physical); $0.50 per card transaction; and up to 2% FX and cross-border fees. As of November 2025, deposit fees on USD, GBP, and EUR accounts were eliminated, signaling an acquisition-led monetization shift toward card, brokerage, and value-added services. The go-to-market motion is product-led growth through self-serve mobile and web onboarding (4.6 app store rating) augmented by a Creator Club referral engine, community presence at fintech conferences, and accelerator affiliations including Visa's African Fintech Accelerator. Raenest operates through four legal entities (Nigeria, US, Canada, and Raelic LLC US) and holds a Central Bank of Nigeria IMTO license, FCA authorization via Clear Junction, FDIC-insured banking via Regent Bank, FINTRAC MSB registration, and FINRA/SIPC membership through Alpaca Securities, enabling compliant operations across 190+ receiving countries and 13+ business-account markets.
Raenest firmographics
Firmographics- Name
- Raenest
- Legal name
- Raenest Technology Solutions Service Limited
- Website
- https://raenest.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Raenest is a multi-currency accounts and cross-border payments platform that enables African freelancers, SMBs, and diaspora communities to receive, hold, and spend money in USD, GBP, EUR, and stablecoins across 190+ countries.
- Ownership category
- akta.pro rank
Raenest industry classification
Industry- Product category
- Cross-Border Payments & Multi-Currency Accounts
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)
- akta.pro secondary industries
- Cross-Border Payment Orchestration & Routing (FSAGAKAJ), Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD)
Keywords
Where Raenest is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Raenest business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction and Transfer Fees: Revenue generated from transaction fees on international money transfers, currency conversion, and cross-border payments. Platform charges fees for deposits (0.8% after free tier, capped at $10/£10/€10), ACH/UK/EU payments (minimum $1.5/£1.5/€1.5), and SWIFT payments (minimum $7).
- Card Services Fees: Fees from virtual and physical card services including card creation (virtual up to $3, physical up to $10), transaction fees ($0.5), foreign exchange fees (up to 2%), and cross-border fees (up to 2%).
- Securities/Brokerage Services: U.S. stock investment feature offered in partnership with Alpaca Securities LLC, a FINRA-regulated broker-dealer, and City Investment Capital Limited (SEC Nigeria licensed). Revenue likely includes transaction fees on stock trades.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Personal Account - Free Tier |
| Unit Pricing | Pay-as-you-go | Virtual Card Creation |
| Unit Pricing | Pay-as-you-go | Physical Card Creation |
| Transaction based/ take rate | Pay-as-you-go | Card Transactions |
| Subscription | Monthly | Card Maintenance |
| Freemium | Pay-as-you-go | USD, GBP, EUR Account Deposits |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels8 records
Raenest product offering
Product offeringCore offering
Raenest provides multi-currency accounts (USD, GBP, EUR, USDT, USDC) and cross-border payment infrastructure enabling individuals, freelancers, creators, and businesses to receive international payments from over 190 countries, send money globally, issue virtual/physical Visa and Mastercard debit cards, send invoices, invest in US stocks, and convert stablecoins to USD. Core proprietary capability is Raenest FastTrack, which delivers Upwork earnings to user accounts in under one hour including on weekends and bank holidays.
Product overview
Raenest is a multi-currency accounts and cross-border payment platform for Africa and global users, formerly known as Geegpay. The platform operates as a unified suite combining core payment services (Send Money, Receive Money, Global Accounts) with add-on financial products including virtual/physical debit cards, stock investing, stablecoin support, and smart invoicing. Business accounts extend the platform for B2B use while loyalty features (Rewards, Referral, Creator Club) drive engagement. The platform connects freelancers and businesses to global payment platforms including Upwork, Fiverr, Deel, and others, processing over $1 billion in payments across 190+ countries.
Differentiator
Problem solved
Functional benefit
Products and services
- Send Money Global money transfer service enabling individual users to send money internationally with reasonable upfront transaction fees and flexible transfer options from Raenest multi-currency accounts.
- Receive Money Service enabling users to receive international payments from over 190 countries into USD, GBP, or EUR accounts, with easy invoicing and payment links.
- Global Accounts Multi-currency account service providing USD, GBP, EUR, USDT and USDC accounts accessible in minutes for receiving, spending, and saving money in global currencies.
- Virtual and Physical Cards Visa and Mastercard debit cards (virtual and physical) accepted globally with transparent pricing for online shopping, subscriptions (Google, Canva, Zoom, AWS, Amazon, eBay), travel, and everyday global spending.
- Invoices Smart invoicing solution for professionals and growing businesses to create, send, and manage invoices for international clients.
- US Stocks Stock investing feature enabling users to buy U.S. stocks, with fractional investing starting from $2 for shares such as SpaceX, offered in partnership with Alpaca Securities LLC and City Investment Capital Limited.
- Stablecoins (USDT & USDC) Feature allowing users to receive USDT and USDC stablecoins via Ethereum, Binance, Polygon, Tron, or Solana blockchain networks with instant 1:1 conversion to USD.
- Business Accounts Business-focused version of the Raenest platform offering global payment processing, multi-currency accounts, business cards, invoicing, and expense management for companies operating in 13+ countries.
Quantifiable outcome
- Processed over $1 billion in payments since launch
- +4 more outcomes
Companies that use Raenest
Customer profileNamed customers7 records
Segments5 records
Ideal customer profiles3 records
Raenest technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration18 records
Feature5 records
Raenest partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship and core.
- VisaflagshipSelected for Visa's African Fintech Accelerator program (second cohort), a 12-week training and mentorship initiative targeting seed and Series A-stage fintech companies. Aligns with Visa's $1 billion investment pledge by 2027 for Africa's digital payments landscape. Concludes with Demo Day where startups pitch to potential investors.
- TerraPaycoreTerraPay and Raenest partnered to enable faster cross-border payouts for freelancers in India and the Philippines. The partnership supports Raenest's expansion into these markets by facilitating local currency payouts through TerraPay's payment network, addressing delayed settlement and currency conversion costs.
- Alpaca Securities LLCcoreU.S.-licensed broker-dealer (SEC and FINRA regulated) providing securities custody and brokerage services for Raenest's stock investing feature. Member of FINRA and SIPC.
- City Investment Capital LimitedcoreNigeria-based firm licensed by the Securities and Exchange Commission of Nigeria, partnering with Raenest for the U.S. stock investment feature.
- UpworkflagshipPlatform integration enabling Raenest FastTrack for near-instant Upwork payouts. Users can link Raenest USD accounts to receive Upwork earnings in under one hour.
- FiverrcoreFreelance platform integration allowing users to receive international client payments through Raenest global accounts.
- DeelcoreEmployer of Record platform integration for remote worker payroll and international contractor payments via Raenest accounts.
Scale indicators10 records
Recent moves10 records
Expansion highlights7 records
Raenest competitors and assessment
Company assessmentBroad incumbents
- WorldRemit: Global digital remittance platform serving diaspora-to-Africa and other corridors. Direct overlap on cross-border money transfer use cases for Raenest's diaspora segment.
- Flutterwave: Pan-African payments infrastructure for businesses across the continent. Competes on cross-border B2B payments and multi-currency settlement for African companies, though less focused on freelancer/individual users.
- Revolut: Global digital bank with multi-currency accounts, cards, and crypto/stablecoin features. Overlaps with Raenest on consumer multi-currency wallets, FX, and card products, but at vastly greater scale and with a broader product portfolio.
Direct peers
- Wise: Global multi-currency accounts and cross-border payments platform serving freelancers, businesses, and individuals. Closest direct competitor on multi-currency wallets, FX, and receive-from-190+ countries positioning.
- Payoneer: Cross-border payment platform purpose-built for freelancers and SMBs receiving payouts from Upwork, Fiverr, and global marketplaces — the exact same use case Raenest targets with FastTrack.
- Grey: Africa-focused multi-currency accounts and cross-border payments platform for Nigerians and African freelancers/diaspora. Direct overlap on USD/GBP/EUR accounts, virtual cards, and remittance corridors.
- LemFi: Multi-currency accounts and remittance platform focused on African diaspora in the UK, Canada, and US. Competes head-to-head on diaspora receive-money and stablecoin-supported transfers.
- Chipper Cash: Pan-African cross-border payments and neo-banking app serving individuals and businesses across the continent. Closest direct peer on Africa-first multi-currency wallet strategy.
Emerging players
- Payday: Nigeria-rooted cross-border payments and USD account platform for freelancers and remote workers. Emerging-stage direct competitor with a similar freelancer-first value proposition.
Others
- Geegpay (predecessor brand / similar Nigerian fintechs): Listed as Raenest's own prior brand; included for completeness given the predecessor relationship and because several Africa-rooted cross-border fintechs (e.g., Moni, Changera) operate in adjacent niche segments rather than as direct head-to-head competitors.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Raenest social profiles
Digital presenceRaenest compliance and trust
Trust signalCompliance16 records
Raenest financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raenest leadership team
Management profileNumber of profiles
Profiles3 records
Raenest subsidiaries and ownership
Company hierarchySubsidiaries3 records
Raenest funding detail
Funding detailFunding overview
Funding rounds5 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raenest M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raenest
What does Raenest do?
Raenest provides multi-currency accounts (USD, GBP, EUR, USDT, USDC) and cross-border payment infrastructure enabling individuals, freelancers, creators, and businesses to receive international payments from over 190 countries, send money globally, issue virtual/physical Visa and Mastercard debit cards, send invoices, invest in US stocks, and convert stablecoins to USD. Core proprietary capability is Raenest FastTrack, which delivers Upwork earnings to user accounts in under one hour including on weekends and bank holidays.
Is Raenest a public or private company?
Raenest is a private company. It is classified as venture growth investor backed and is currently operating.
When was Raenest founded?
Raenest was founded in 2022. It employs 51 to 100 people.
Where is Raenest based?
Raenest is headquartered in Toronto, Canada, in the North America region.
How does Raenest make money?
Three revenue lines are on record. Transaction and Transfer Fees are the primary driver. The others are card Services Fees and securities/Brokerage Services.
Who are Raenest's main competitors?
Broad incumbents on record are WorldRemit, Flutterwave and Revolut. Direct peers are Wise, Payoneer, Grey, LemFi and Chipper Cash. Payday is listed as an emerging player. Geegpay (predecessor brand / similar Nigerian fintechs) is listed as an others.
Does Raenest have an API?
No public API is recorded for Raenest.
What industry is Raenest in?
Raenest's product category is Cross-Border Payments & Multi-Currency Accounts. Its primary akta.pro industry code is FSAGAKAF, Multi-Currency Accounts, Wallets & FX Management (Consumer/SME), with a secondary code of FSAGAKAJ, Cross-Border Payment Orchestration & Routing. Its SIC code is 6199.