The Nigerian fintech is expanding beyond international transfers with new tools for receiving, storing, spending, and earning returns on money across multiple currencies.
Raenest is broadening its services for freelancers and businesses that earn internationally, introducing stablecoin payments, cryptocurrency deposits, savings accounts and new payment cards as it seeks to manage more of its customers’ financial activities in one place.
The company unveiled the products at its Raenest Exchange event in Lagos on October 21, 2026. The launch includes savings vaults offering up to 7% annual interest on dollar and stablecoin balances and up to 16% on naira savings, alongside additional options for receiving and spending money.
The expansion builds on Raenest’s existing multicurrency accounts, which allow users to receive international payments, convert currencies, and transfer funds. The new services are designed to give customers more options for managing their earnings after receiving them.
“Our approach is very simple. We believe that you don’t have to be a crypto expert,” said Majemu Olowodola, the company’s senior product manager. “What’s most important to you is that you should be able to use your money.”
Stablecoins and Cryptocurrency Deposits
Raenest is extending its support for digital currencies by allowing freelancers to create invoices and payment links through which clients can pay using bank transfers, cards, or stablecoins.
Recipients can hold payments in USDC or USDT, both designed to maintain a value pegged to the US dollar, or convert them into supported currencies, including the naira, dollar, pound and euro.
The platform will also accept deposits in Bitcoin, Solana and Ethereum, which will automatically be converted into USDC at the prevailing market value when the transaction is processed.
The move builds on Raenest’s introduction of stablecoin conversion services in 2025, which enabled users to exchange USDC and USDT for traditional currencies.
Savings Vaults Offer Up to 16% Annual Interest
The company has introduced Raenest Vaults, a savings feature that allows customers to set aside funds in naira, dollars, USDC, or USDT.
According to Raenest, the vaults offer annual interest rates of up to 7% for dollar and stablecoin balances and up to 16% for naira savings. Users can deposit and withdraw funds at any time, the company said.
The feature adds a savings option to a platform previously focused primarily on receiving, converting and transferring international earnings.
New Virtual and Physical Cards
Raenest is also expanding its payment card options with two virtual cards and a physical card.
The new virtual options include a prepaid card with a separate balance that users can fund specifically for spending, and a standard card linked to their existing Raenest balances.
The company says the standard card will allow customers to make payments directly from their available balances without first transferring funds into a separate card account.
Its physical card will support online and in-store purchases, point-of-sale transactions, and ATM withdrawals. Raenest also says users will be able to add the card to Apple Wallet and Google Wallet and spend from supported balances, including USDT and USDC.
The additions are intended to connect the different stages of managing international income, from receiving payments to saving and making everyday purchases.
Raenest Expands Its Financial Services Business
Founded in 2022 by Victor Alade, Richard Oyome and Sodruldeen Mustapha, Raenest initially operated as an employer-of-record service before shifting towards helping African freelancers and businesses receive payments from international clients and employers.
The company now operates in African markets including Nigeria, Kenya, Ghana, Tanzania and Uganda, and has expanded into the United States, India and the Philippines.
Its latest launch follows its entry into India and the Philippines in February 2026 and an $11 million Series A funding round announced in February 2025.
Raenest operates in a competitive market alongside fintech companies such as Grey, LemFi and Elevate Pay, which provide international accounts and payment services to freelancers and digital workers.
Other African financial technology companies are also incorporating stablecoins into their products. Flutterwave has introduced stablecoin wallets and pursued infrastructure partnerships, while Paga has explored stablecoin payments through a partnership with blockchain network Sui.
The wider market presents an opportunity for services that help customers manage money across borders. TechCabal cited an estimate that Africa’s cross-border payments market reached $329 billion in 2025 and could grow to $1 trillion by 2035. However, the cost of sending remittances remains a challenge, with World Bank figures putting the average cost in sub-Saharan Africa at 8.45% in the first quarter of 2025.
By adding savings, card payments and cryptocurrency services, Raenest is seeking to extend its role beyond receiving international payments. The new products give customers more ways to manage their funds within its platform as competition grows among fintechs serving people who earn across borders.
Source: TechCabal