Raenest, a Nigerian financial technology firm, has taken over Remitise, a UK-based payments provider, to bolster its service network and extend its cross-border financial offerings. The company states this move enhances its UK footprint while reinforcing the backbone of its worldwide financial systems.
Raenest said the acquisition builds on its existing regulatory foundations, including its International Money Transfer Operator (IMTO) license in Nigeria and its Money Services Business (MSB) and Payment Service Provider (PSP) registrations in Canada.
The company aims to build a global financial platform for people and businesses whose financial lives stretch across several countries at once. Raenest chose a UK company because the UK has long been one of the world’s great financial centers, with deep roots in international commerce, banking, and cross-border payments.
The acquisition of Remitise gives Raenest a strong position in the UK, allowing it to strengthen local operations, build deeper financial partnerships, and develop new capabilities over time. As an established payments business registered with the UK’s Financial Conduct Authority (FCA), Remitise provides Raenest with the infrastructure behind its UK operations.
The acquisition comes at a time when there has been an influx of companies partnering with fintechs. Earlier this month, African fintech firm WayaWaya and Choice Bank partnered to launch WayaWaya Banking, using AI to analyze customers’ financial activity and personalize their banking experience.
Other recent partnerships include Mastercard and Egypt’s Housing and Development Bank partnering to strengthen the bank’s debit, credit, and commercial card offerings, and Visa and Senegal signing a two-year memorandum of understanding to boost digital payments.
Raenest acquiring Remitise is a strategic move to expand its cross-border financial services, and it highlights the growing importance of fintech in Africa. The acquisition brings more pieces under Raenest’s roof, including the right infrastructure, regulatory foundations, local partnerships, and operational capabilities in each market. They now have a strong foundation to further expand their services.
The acquisition of Remitise is a key step in achieving this goal. It provides Raenest with a strong presence in the UK and access to the UK’s Financial Conduct Authority (FCA) registration.
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