Nigerian cross-border fintech Raenest has acquired 100% of Remitise Limited, a London-registered payments company that the Financial Conduct Authority (FCA) lists as a small payment institution. Raenest announced the deal on 10 November 2026 and did not disclose the price.
“We have just made one of our most significant moves in those unseen systems,” the company said. It described the acquisition as a way to strengthen its UK presence and the infrastructure behind its global financial operations. Victor Alade, Raenest’s chief executive, told Disrupt Africa that “We want to own more of the infrastructure behind our products.”
The transaction details come from Raenest’s announcement and from outlets that repeated it. This article did not see a share purchase agreement or a regulatory notice of the change of ownership.
What Remitise is
Remitise is an existing company, not a new product line. Companies House records it as incorporated on 30 May 2017 under the name Khali Services Limited, a name it used until June 2022. Its registered office is at 20 Wenlock Road in London.
The FCA register entry, as mirrored by the Elucidate directory, gives firm reference 931409 as a small payment institution first registered on 4 March 2021. The entry lists “Raenest” as a trading name. This article did not open the FCA’s own register page, so those register details rest on the mirror.
What the licence category allows
The registration type sets the limits. Under regulation 14 of the Payment Services Regulations 2017, a small payment institution’s average monthly total of payment transactions, measured over the preceding 12 months, must not exceed €3 million. It may not provide account information or payment initiation services. Registration is cheaper and simpler than full authorisation, but the cap applies.
Raenest’s own scale is much larger. The company says it serves more than 1.5 million registered customers and has processed over $3 billion in lifetime transaction volume. Other coverage of the announcement gave different figures: Disrupt Africa reported more than one million customers and over $2 billion in payments processed. These are cumulative, company-reported numbers rather than monthly volumes, so they do not show how much business the UK entity will carry.
Raenest has not said which products will run through Remitise, whether it will seek wider UK permissions, or how it will divide business between entities. Nairametrics noted that the acquisition does not automatically extend Remitise’s regulatory permissions to other Raenest entities or products.
Background
Raenest was founded in 2022 by Victor Alade, Richard Oyome and Sodruldeen Mustapha. It began as an employer-of-record service before expanding into multi-currency accounts, international transfers, dollar cards and stablecoin services. It previously traded as Geegpay, a name it dropped in a 2025 rebrand.
In February 2025 the company raised an $11 million Series A led by QED Investors. StartupNews Africa reported that round at the time. Raenest puts its total disclosed venture funding at more than $14 million.
What to watch
The announcement gave no price and no launch timetable for new products linked to Remitise. Readers should watch two things: whether Raenest discloses the price, and whether it uses Remitise’s registration for UK products or seeks a different authorisation. Either answer will show how much of the company’s UK business the acquisition actually carries.
Sources
- Raenest, "Raenest acquires Remitise, an FCA-registered UK payments company" (company announcement, dated 10 November 2026)
- Nigeria's Raenest acquires UK-based payments company Remitise (Disrupt Africa, 12 November 2026)
- Remitise Limited, company 10794814 (Companies House overview)
- Remitise Limited, FCA firm reference 931409 (Elucidate directory entry mirroring the FCA register)
- The Payment Services Regulations 2017, regulation 14 (legislation.gov.uk)
TopicsRaenest Remitise Nigeria United Kingdom Payments Mergers and Acquisitions
