Freelancing has become a mainstream form of employment for many people (including myself). Once relegated to side hustles, it has witnessed a global surge due to technological advancements, flexible work arrangements, cost-saving measures for businesses, the increasing popularity of remote work, and a growing preference for independent work styles.

The number of freelancers in the EU grew by 24 per cent between 2009 and 2020, making it the fastest-growing segment of the EU labour market.

Many countries, such as Germany, France, Italy, and the Czech Republic, offer freelance visas to migrants, providing residency rights such as the right to live in your chosen country legally, along with access to healthcare, education, and other essential services.

But while the employment market and even governments here in Europe understand the value that freelancers provide to employers and the country (we do, after all, pay tax), getting paid remains a persistent challenge for many freelancers, especially those with diverse clients across Europe, Asia, the US, and beyond.

Ruul is a fintech company that aims to streamline the freelance economy by offering efficient invoicing and payment solutions. Founded by Esen and Mert Bulut in 2017, Ruul allows freelancers to send invoices to clients in 190 countries and supports 140 currencies. This feature enables quick billing and settlement processes, significantly reducing the typical payment wait time from 31.4 days to just 7.4 days.

Further, the platform facilitates payments within 24 hours into the freelancer’s preferred bank account or digital wallet. Users can also collect payments up to 60 days in advance, providing greater financial flexibility.

Helping freelancers in emerging markets

The company recently joined forces with digital wallet Cenoa to transform how freelancers in emerging markets get paid.

Founded by Emre Ertan (former CPO & CTO of rapid delivery decacorn Getir), Seçkin Çağlın (ex-McKinsey, former Head of Cards & CMO of BBVA Garanti Payments), Sırrı Perek (Facebook,) and Buğra Çakmak (Google), Cenoa presents a blockchain-based based, what the company calls “borderless super wallet” that’s aimed at improving access to dollar-based products in emerging markets

Digital wallets allow individuals in remote or underserved areas to access financial services without the need for physical bank branches or ATMs. This is particularly crucial in regions where traditional banking infrastructure is lacking, as it allows users to perform transactions conveniently from their mobile devices1.

Cenoa supports freelancers in emerging markets struggling with high inflation rates and limited access to stable financial products.

The partnership will allow freelancers to easily sell their services through Ruul.io and collect payments with 10x lower costs to their Cenoa wallet. Freelancers can access and spend their money globally using Cenoa’s digital cards, which have competitive exchange rates.

They’ll also be able to earn competitive APY on their balance—Cenoa’s treasury team, headed by Berkay Kangal, a former VP at Deutsche Bank with over 15 years of experience in trading, risk, and treasury management at top-tier financial institutions globally. The team invests client funds in secure, blue-chip assets. Clients earn a 5 per cent annual yield, which is compounded daily. 

The partnership is also working on initiatives to educate freelancers on optimizing their financial management, including webinars, live Q&A sessions, and dedicated support to help customers make the most of these new features.

Other companies putting freelancers first

Cenoa and Ruul aren’t the only fintechs supporting freelancers. Here are some other companies to have on your radar: 

Jump (France)

Jump provides freelancers access to the best social protection (company health insurance, employee savings, etc.), giving them a reliable base of tools and all the benefits of salaried employment. 

The company raised €11 million Series A in September. 

Awesomic (Ukraine)

Finding clients is a challenge for many freelance designers, with many sites offering peanuts for labour. 

Awesomic was founded in 2020. It provides a subscription-based service where companies can submit design tasks, which are then matched with qualified designers. The platform covers a wide range of design services, including marketing materials, website designs, and product branding.

The company opened an office in San Francisco in 2024 and has assisted over 4,000 companies with more than 14,000 completed tasks.

Awesome is backed by Y Combinator and was a winner of the 2022 Red Dot Design Award in the branding and communications category.

Abillio (Latvia) 

​​Abillio has developed a platform for freelancers, solopreneurs and independent contractors who want to run their business quickly and without administrative hurdles — by providing them with a legal entity and VAT number to invoice their cross-border customers. 

With Abillio, you don’t need to establish a legal entity, open a business bank account or apply for VAT— with Abillio’s company-as-a-service solution, you can start your freelancing business immediately.

Joberty (Serbia)

Joberty aims to create a more transparent job market for tech professionals, catering specifically to software developers, engineers, and other IT professionals seeking freelance work.

The platform emphasises community engagement, allowing users to share experiences, reviews, and insights about different companies.

Lead image: Freepik.