Providing a swift, secure and scalable ID verification solution for an African financial management platform
Raenest is a global account receivable and spend management system for freelancers and businesses in Africa.
Raenest offers a seamless approach to overseeing global multi-currency cash flow, ensuring speed, and efficiency while reducing cost throughout the process.
The platform gives its users access to bank accounts in USD, GBP, and EUR. It also helps them simplify their invoicing and expense management by smoothly integrating with their accounting software. This ensures that reconciling their accounts becomes easy and error-free.
The company achieves this through its modern financial management platform which facilitates multi-currency accounts, corporate cards, invoicing, and global contractor payments.
Founded in 2022 in Lagos, Nigeria, Raenest aims to facilitate borderless payments for African talents and businesses. It also provides customers with the best exchange rates, high-quality tech protection, and flexible payment options.
Raenest’s platform spans Africa’s 1.4 billion population, simplifying its customers’ daily and monthly financial routines, and giving them increased control over their global financial operations.
Raenest was faced with a complicated and constantly changing landscape of anti-money-laundering (AML), know-your-customer (KYC) and anti-fraud regulation across the 54 nations in the African continent. This complicated landscape led to a series of challenges that Raenest had to overcome. They included:
Victor Alade, CEO and Co-Founder of Raenest, explained: “Our USP is that we simplify the complex financial landscape across Africa, making it easier for freelancers, start-ups and other companies to do business. However, that same complexity was making it hard for us to verify customer ID, satisfy our regulatory responsibilities and keep our platform secure.
"Our previous verification partner was unable to effectively mitigate these challenges we faced. As a result, this affected our ability to expand our business in a secure and sustainable way. Fortunately, partnering with Veriff has allowed us to scale to help more and more African startups get control over their growing global financial operations.”
“We were looking for an ID verification solution that would guarantee high-quality end-to-end KYC checks, enabling us to manage risk effectively, achieve compliance, and grow in a sustainable way,” said Alade. “We studied the market and sought expert advice from our partners and Veriff proved to be the perfect solution.”
Veriff provided a swift, secure and highly scalable way for Raenest to onboard new customers, despite many users having limited digital identity documents and low-quality or damaged physical proof of ID.
Veriff’s AI-powered platform can recognize more than 11,300 different types of government ID documents from more than 240 countries and territories and can use this wealth of data to verify document authenticity and customer ID in about six seconds.
And it was this breadth of coverage that was most attractive to Raenest. “We have a very broad customer base and so any solution we chose needed to be able to get people verified no matter what country they live in,” explained Oluwatoyin Fakorede, Raenest's Head of Compliance. “Veriff’s document coverage cannot be matched.”
The speed of Veriff’s ID verification process also means that it can achieve up to 30% more customer conversions with superior accuracy and user experience.
“Veriff's solutions have become an integral part of our risk management and customer experience strategy, contributing to our continued success in the industry,” Alade said. “Our fraud detection rate increased from 10% to 90% following our implementation of Veriff’s platform.
“Conversion rates were also boosted from 40% to 60% almost overnight and churn rates were reduced from 8% to 5%. Compliance risk was also dramatically reduced, dropping from five cases a month to just one.”
Raenest also reported qualitative improvements resulting from its implementation of Veriff. This included an uptick in both customer satisfaction and brand recognition as well as a customer rating increase from three to four-and-a-half stars.
Over the longer term, Raenest says its partnership with Veriff has led to enhanced fraud prevention, increased conversions, improved customer retention, streamlined compliance, operational efficiency, strengthened brand reputation, and better risk management.
Veriff is the preferred identity verification partner for the world’s biggest and best digital companies, including pioneers in fintech, crypto, gaming, and the mobility sectors. We provide advanced technology, deep insights, and expertise from our foundation in digital-first Estonia and honed in leading the digital identity revolution. The partner of choice for businesses who need to rapidly and effortlessly verify online users from anywhere in the world, Veriff delivers the widest possible identity document coverage.
By supporting government-issued IDs from more than 240 issuing countries and territories and with our intelligent decision engine which analyzes thousands of technological and behavioral variables Veriff enables trust from the first hello.
Our 2023 report shares the insights our expert team has discovered on the front line of fighting fraud — giving you the tools to protect both your business and your customers. Download it today to find out more!
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