A Nigerian cross-border payments company Reanest, provides multicurrency accounts for freelancers and businesses, has launched its services in India and the Philippines, marking its expansion into South and Southeast Asia. The move targets freelancers and digital professionals earning income across borders.
The expansion follows Raenest’s entry into the US market in October 2025, where it introduced four new products, including faster freelance payouts, stock investing, and stablecoin conversion. While not all these products are yet available in Asia, users in India and the Philippines now have access to Raenest’s core payment tools, excluding local currency wallets and US stock investments.
The choice of these markets was driven by the size and growth of the freelance economy. Victor Alade, Raenest’s co-founder, noted that India and the Philippines host large populations of freelancers who work for companies in the US, the UK, and other regions. Internal data showed repeated sign-up attempts from users in both countries even before the official launch, signaling strong demand.
Industry data supports the move: India has over 15 million freelancers, with nearly a quarter earning above $44,000 annually, while the Philippines saw freelance revenue grow 208% between 2019 and 2020. These factors made the two countries natural entry points for Raenest’s Asian expansion.
Raenest is positioning itself as a foreign-currency platform rather than a replacement for domestic banks. Users can open accounts in US Dollars, British Pounds, and Euros, and receive payments through Raenest’s FastTrack feature, which integrates with Upwork. Freelancers using FastTrack can receive payments in under an hour, including on weekends and public holidays. Stablecoin payments in USDT or USDC are automatically converted to dollars, which can then be withdrawn directly to local bank accounts. The platform also offers invoicing tools for freelancers and consultants to bill clients and track income.
The company generates revenue from customer deposits in Raenest Global Accounts and withdrawals, a model it plans to replicate in its new markets. While India and the Philippines are already served by global and regional payment platforms like Wise, Karbon Business, Skydo, and Grey, Raenest says its solution is uniquely tailored to the needs of freelancers and remote workers, rather than general remittances.
Partnerships with licensed payment providers, including TerraPay, have been key to navigating regulatory requirements in both countries. The expansion comes a year after Raenest raised $11 million in Series A funding to support new market entry and product development.
Founded in 2022 by Victor Alade, Richard Oyome, and Sodruldeen Mustapha as an Employer of Record (EOR), Raenest already operates across several African markets, including Kenya, Ghana, Tanzania, and Uganda, and is licensed in Canada. Alade hinted that India and the Philippines are just the beginning, with future launches to depend on user demand and regulatory readiness.