Raenest, a Nigeria-based cross-border remittance company that provides multicurrency accounts for freelancers and businesses, recently unveiled a significant expansion of its services at its annual community gathering, Raenest Exchange. This launch introduced four new products, signaling the company's strategic entry into the US market and its ambition to create a holistic financial ecosystem for its clientele.

The new suite of products is designed to complete what CEO Victor Alade terms the “money loop,” which integrates money movement with saving and investing functionalities. Alade elaborated, “Raenest has two core parts. We are connecting both money movement and saving and investing, enabling users to earn, move, and invest money seamlessly in one ecosystem.” This vision aims to empower users with comprehensive financial management capabilities directly within the Raenest platform.

Among the most eagerly received announcements was a product enabling customers to buy shares in global companies directly from their Naira or USD accounts, which garnered a strong positive reaction from the event attendees. Another highly celebrated innovation was Raenest Fasstrack, a feature that directly links to Upwork accounts, dramatically shortening payout times for gig workers from several days to within an hour, thereby addressing a crucial pain point for the freelance community.

Raenest also introduced a stablecoin product designed for the automatic conversion of cryptocurrency to fiat, though it is currently limited to USDC and USDT. While the company’s expansion into the US market, allowing users to send money to American accounts, was generally welcomed by investors, the audience’s reaction to this specific announcement was notably more subdued compared to the enthusiasm shown for other product reveals.

The Raenest Exchange event itself serves multiple strategic purposes beyond mere product announcements. For a fintech company like Raenest, which primarily caters to freelancers and remote workers, hosting such a conference acts as an organic platform for product marketing and community building. By inviting popular creators and their online communities, Raenest effectively markets its products to a new audience and fosters a network effect among freelancers who often work in isolation. Alade underscored this, stating, “We wanted to create a space where our customers could not only learn more about our products but also connect, share knowledge, and grow together. We see ourselves as more than just a payments company; we want to be partners in their growth. When our customers earn more, we grow too.”

The success of the event was evident, with over 1,500 people registering to attend. Many attendees reported being drawn by the presence of influencers or invitations from existing Raenest customers, forming what the company views as a “perfect growth loop.” This physical interaction allowed the predominantly online company to “show the human side of the brand.” Attendees like Princess Eze, a jeweller considering switching from PayPal and Zelle, highlighted the potential for new customer acquisition based on the app’s competitive offerings and user experience.

The conference format also proved invaluable for collecting direct user feedback, providing Raenest with critical insights into freelancers’ pain points and product preferences. This approach mirrors the benefits experienced by Piggyvest with its “OpenHouse” forums. Such dialogue is instrumental in shaping Raenest's product roadmap and ensures that customers feel heard and seen, reinforcing the company's commitment to being a partner in their users' growth. Raenest has now solidified Raenest Exchange as a yearly event, complete with a dedicated budget and a community team to plan its ongoing offline engagement strategy.