Nigeria’s Raenest expands into India and the Philippines to target Asia’s freelancers
Tech • 6d ago
**Raenest Expands into Asia to Support Nigeria's Digital Workers**
As Nigeria's digital economy continues to grow, Raenest, a pioneering cross-border payments company, has set its sights on Asia to cater to the increasing number of Nigerian freelancers working with international clients. The company has officially launched its services in India and the Philippines, providing multicurrency accounts and faster payment solutions to freelancers and digital professionals in these markets.
This strategic move is a result of extensive research on the freelance economy in Asia, which revealed that India and the Philippines have some of the largest populations of freelance workers. According to internal data, users in both countries had been attempting to sign up for Raenest's services even before its official launch, indicating a strong demand for its solutions.
India, in particular, has seen a significant growth in its freelance economy, with over 15 million freelancers earning above ₹40 lakh ($44,000) each year. Similarly, the Philippines has witnessed a 208% growth in freelance revenues from 2019 to 2020. These statistics have made both countries prime targets for Raenest's Asian expansion.
Raenest's core payment tools, excluding local currency wallets and US stock investments, are now available to users in India and the Philippines. The company's FastTrack feature allows freelancers to receive payments in under one hour, including on weekends and public holidays. This feature links directly to popular freelance platforms like Upwork, making it easier for freelancers to manage their international payments.
By entering the South and Southeast Asian markets, Raenest aims to support Nigerian freelancers who work with international clients. The company is not replacing domestic banks in these markets but rather offering a foreign-currency platform that caters to the needs of digital professionals. With its expansion into Asia, Raenest is poised to become a leading player in the cross-border payments industry, connecting African freelancers to the rest of the world.
As the digital economy continues to grow in Africa, Raenest's Asian expansion is a significant step towards bridging the gap between Nigerian freelancers and their international clients. By providing faster and more efficient payment solutions, Raenest is setting a new standard for cross-border payments in Asia and beyond.