Freelancing has become a mainstream form of employment for many people, offering flexibility, independence, and the opportunity to work with clients from around the world. What was once considered a side hustle has now become a viable career choice for many individuals, including myself. This shift in the employment landscape can be attributed to various factors, such as technological advancements, the rise of remote work, and the increasing demand for independent work styles.
In the European Union, the number of freelancers has seen a significant increase, growing by 24 per cent between 2009 and 2020. This surge has made freelancing the fastest-growing segment of the EU labour market. Recognizing the value that freelancers bring to the economy, several countries in Europe, including Germany, France, Italy, and the Czech Republic, offer freelance visas to migrants, providing them with residency rights and access to essential services.
Despite the benefits of freelancing, one persistent challenge that freelancers face is getting paid in a timely manner, especially when working with clients across different countries. This is where fintech companies like Ruul come in to streamline the freelance economy by offering efficient invoicing and payment solutions. Founded in 2017 by Esen and Mert Bulut, Ruul allows freelancers to send invoices to clients in 190 countries and supports 140 currencies, significantly reducing payment wait times from an average of 31.4 days to just 7.4 days.
In a recent partnership, Ruul has joined forces with Cenoa, a digital wallet company, to improve how freelancers in emerging markets get paid. Cenoa’s blockchain-based “borderless super wallet” aims to provide freelancers in these regions with access to dollar-based products, helping them navigate high inflation rates and limited financial services. Through this collaboration, freelancers can sell their services through Ruul.io and receive payments with lower costs to their Cenoa wallet, allowing them to access and spend their money globally using digital cards with competitive exchange rates.
Moreover, freelancers using Cenoa can earn a competitive annual yield on their balance, thanks to Cenoa’s treasury team led by Berkay Kangal, a former VP at Deutsche Bank. This partnership also includes initiatives to educate freelancers on optimizing their financial management through webinars, live Q&A sessions, and dedicated support.
In addition to Ruul and Cenoa, several other fintech companies are also supporting freelancers in various ways. Jump, based in France, provides freelancers with access to social protection benefits, while Awesomic, a Ukrainian company, offers a subscription-based service connecting freelance designers with clients. Abillio, from Latvia, simplifies the process of running a freelance business by providing legal entities and VAT numbers, and Joberty, based in Serbia, focuses on creating a transparent job market for tech professionals seeking freelance work.
Overall, the rise of freelancing as a mainstream form of employment has led to the emergence of innovative solutions aimed at supporting freelancers in their careers. With the help of fintech companies like Ruul and Cenoa, freelancers can navigate the challenges of getting paid and managing their finances more effectively, ultimately enabling them to thrive in the ever-evolving gig economy.
