How Victor Alade Moved from Being a Remote Worker to Launching a Fast Growing Company that's Helping Remote workers in Africa to Easily Receive Payment Globally--- Smatkaria
Alade was inspired to create Raenest by the challenges he encountered while working remotely for several companies in US and UK.
Getting paid for his work was often difficult. He would have to manually send invoices and wait days for the international money transfer to be delivered.
He missed out on several jobs as there were no reliable ways through which he could be compliantly employed and get paid.
He was losing 15 per cent to transfer fees and unfavorable exchange rates, every time he got paid
And while leading an engineering team, they couldn’t hire a Ugandan engineer because the company he was working for did not have a legal entity in Uganda.
The challenges inspired him to partner with his co-founders to launch Raenest with the goal of creating solutions to those issues.
Raenest provides a platform that helps recruiters hire remote workers from anywhere.
It enables remote workers receive payment from their employers at no transaction charges.
And it also offers other financial products such as salary advances and currency conversion to its customers.
Raenest was selected to take part in the latest edition of the Techstars Toronto accelerator. It secured $120,000 (90.2 million naira) funding and access to mentorship and the opportunity to secure further investment at demo day.
The firm has also raised a pre-seed funding round from ten investors including Ventures Platform, Seedstars, TCVP, Ajim Capital, and other VCs and angels.
Raenest has over 100,000 users in its platform, including Upwork, Toptal, Andela, Fiverr, Tunga.
And the company makes money through four channels:
➡️By charging companies a flat fee for every talent hired through its platform;
➡️By giving classified salary advances and charging 2.5% interest rate.
➡️It also makes money from currency conversion;
➡️And by charging companies $3 to create a corporate virtual card.
The firm is using the funds it has raised to expand its operation to other African countries.
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