How Nigerian Raenest helps freelancers get paid faster

How Nigerian Raenest helps freelancers get paid faster

Nigerian startup Raenest helps distant employees and freelancers automate invoicing and receives a commission quicker by clients around the globe whereas saving on charges by way of Raenest International accounts and playing cards.

With Raenestcompanies also can use the platform to recruit African expertise, pay them of their most popular currencies, and handle workforce bills.

Victor Alade has spent most of his life as a distant employee in Nigeria whereas working with international corporations in the US and the UK. Nevertheless, getting paid for his job was typically tougher than the job itself, as he must manually ship invoices and wait days for a world cash switch to be delivered.

He additionally missed just a few jobs as there have been no dependable methods he could possibly be compliantly employed and paid. In the meantime, each time he bought paid, he misplaced 15 p.c of his wage to large switch charges and unfavorable trade charges.

Alade teamed up with Richard Oyome and Sodruldeen Mustapha in late 2021 to construct Raenest. Oyome instructed Disrupt Africa that distant and freelance work is booming in Africa.

“Africa at the moment is chargeable for 10 p.c of worldwide digital freelancing markets and is anticipated to be primary by 2037. The proportion of international corporations paying these African abilities is rising by greater than 800 p.c annually, that is bigger than another continent mixed,” he mentioned.

“These freelancers and distant employees are struggling to receives a commission for his or her work and are all the time torn between a number of ineffective options for contract billing and funds. Africa has the world’s youngest inhabitants and is quickly adopting expertise. Many corporations provide worldwide wire transfers, which are sometimes delayed and costly. encounters difficulties in making funds by way of

As Alade discovered, current options did not work for Africans or corporations that rent African expertise.

“We constructed Raenest to resolve the issue,” mentioned Oyome. “Raenest offers an efficient end-to-end answer for freelancers to receives a commission quicker and helps them convert at market-leading, real-time charges with zero charges in a number of currencies.”

Launched in March 2021, Raenest now has greater than 100,000 workers, impartial contractors, freelancers and creators utilizing its platform. Affords full-time worker and freelancer assist in Nigeria in addition to contractor assist throughout Africa. It plans to develop to Ghana, South Africa, Kenya and Egypt in 2023.

Raenest has arrange a pre-seed funding spherical in early 2022 from Ventures Platform, Seedstars, TCVP, Ajim Capital and different VCs and angels. In the meantime, the corporate was chosen to look within the newest version of the Techstars Toronto accelerator final month, having access to mentorship, $120,000 in funding, and the chance to lift additional funding on the demo day.

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