Raenest Acquires FCA-Registered UK Payments Firm Remitise

LAGOS — African cross-border financial platform Raenest (formerly Geegpay) has completed the 100% acquisition of Remitise Limited, a London-based payments firm registered with the United Kingdom's Financial Conduct Authority (FCA), for an undisclosed amount.

The strategic buyout enables Raenest to internalize core regulatory and clearing infrastructure across the UK corridor rather than relying exclusively on third-party banking partners. Following its $11 million Series A round led by QED Investors in 2025, Raenest is deploying capital to expand direct licensing across primary global remittance and freelancer corridors.

Regulatory Architecture

Founded in 2022 by Victor Alade, Richard Oyome, and Sodruldeen Mustapha, Raenest provides multi-currency accounts,virtual and physical cards, global transfers, and invoicing tools for remote workers, freelancers, and businesses:

• Scale & Transaction Volume: Serves over 1.5 million registered customers across more than 50 countries,processing more than $3 billion in cumulative payment volume.
• UK Regulatory Footprint: Remitise Limited (incorporated in 2017) operates as an FCA-registered Small Payment Institution (SPI), providing Raenest with a direct regulated foothold in London to support GBP clearing and local financial partnerships.
• Global Licensing Portfolio: Adds UK FCA registration to Raenest's existing regulatory authorizations, which include an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN) as well as Money Services Business (MSB) and Payment Service Provider (PSP) registrations in Canada.

Strategic Context & Cross-Border Consolidation

The transaction reflects a broader structural shift among African cross-border fintechs toward acquiring licensed entities in developed financial hubs to lower settlement costs and protect margins:

• Infrastructure Ownership: By taking direct control of Remitise, executed via UK holding entity Raelic Payment Ltd, Raenest reduces intermediary counterparty friction across the high-volume UK–Africa remittance and B2B payment corridor.
• Geographic Expansion: Complements Raenest's ongoing product rollout, including stablecoin payment rails and US equities access, and recent market entries across the United States, India, and Pakistan.

Executive Commentary

"We want to own more of the infrastructure behind our products, deepen our relationships with financial institutions and create a stronger foundation for the customers and businesses we serve. The acquisition of Remitise is an important step in that journey."
— Victor Alade, Co-Founder & CEO of Raenest

Transaction Advisory

• Acquirer: Raenest Inc. (Led by Co-Founders Victor Alade, Richard Oyome, and Sodruldeen Mustapha).
• Target Company: Remitise Limited (100% Acquired; UK FCA-Registered Small Payment Institution).
• Key Institutional Backers (Raenest): QED Investors, Norrsken22, Ventures Platform, P1 Ventures, Seedstars.

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