Raenest empowers startups to effortlessly onboard remote contractors and employees from 120+ countries. Startups can coordinate payments in 50+ currencies, sort out compliance and taxes, and control team expenses with unlimited virtual cards from one place.

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The Market Opportunity

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The global payroll market is estimated at $19.95 billion, and the vast market opportunity for cross-border payments is estimated at $28.5 trillion. This presents an immense opportunity that Raenest is poised to capitalize on.

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Since COVID, remote work has become increasingly popular. This push for remote work and the increase in the global talent war have resulted in many international companies hiring African talents, making Raenest’s solution even more compelling in this market. 

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Andela's 2022 African Developer Survey showed that 90% of African developers want to work fully or partially remotely. This report also states that today, 75% of African developers are currently working in a remote or hybrid workplace. This trend will only continue to rise, especially with the rising demand for African developers.

What does this mean for Africa?

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Raenest’s impact is especially relevant for African countries where the lack of an efficient and reliable payment infrastructure has long been a barrier to accessing global markets. This has resulted in African freelancers and startups losing out on international opportunities due to costly payments and payout delays.  

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In one case, an African founder lamented how paying the developers who worked for them was arduous. In some cases, they had to wait up to three days to be able to perform a successful wire transfer from the US to the African country where their developers worked.   

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Raenest is helping to bridge this gap by providing a platform that allows startups to quickly and securely pay developers in other countries without worrying about the associated taxes, compliance, or currency conversion fees.  

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By providing an efficient and safe payment infrastructure platform for African startups, Raenest has the potential to transform how businesses make payments across the continent. With this in mind, we are thrilled to be part of their journey as they continue to scale their business.

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At Ajim Capital, we believe that Raenest is well-positioned to transform how remote teams are managed in Africa and beyond, and we are excited to support their journey.

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