Refrens- A Faster Payment Gateway for Freelancers

Freelancing is rapidly becoming a conventional and common career option. It is not the age when people did it for a side income. Now, freelancing provides living to the people. However, every freelancer has to save as much time as possible to take more projects. But a slow payment gateway can affect their productivity. That is where Refrens come into play to save the payment time by providing faster payment gateway platform to freelancers.

Refrens- Vision and mission
Refrens- Product
Refrens- Industry details
Refrens- Founders & Team
Refrens- The idea and starting up
Refrens- The Product & Service
Refrens- Name, Logo & Tagline
Refrens- Business Model
Refrens- Customer Acquisition
Refrens- Challenges
Refrens- Future Plans

Startup Name Refrens
Headquarter Bengaluru
Founder Naman Sarawagi & Mohit Jain
Sector Fintech
Founded 2019
Parent Organization Refrens Internet Pvt. Ltd.

Refrens- Vision and mission

The vision of Refrens is to create the easiest way for freelancers to collect payments and collaborate with other freelancers. Refrens provides a payment gateway system to freelancers to send and receive their payments easily.

Refrens- Product

Refrens is basically an invoicing and Payments service provider for businesses. The main focus of the company is B2B freelancers. The team believes that freelancing is the future of work. Hence, this ecosystem needs a lot of support and tools to be successful.

Refrens- Industry details

The freelancing industry or better known as "Gig Economy" has only been growing since the last decade. There are around 20 million people who have opted freelancing as a full time career India. Also, more than 6 million people in USA, who have just started their career, have started freelancing for full time.

On the other hand, the payment gateway service is rapidly growing in India. As everything is online, the payment gateways needs to be more organised and provide services to all the sections of the business society. According to some reports, there will be an estimated of 20 million freelancers in India by the year 2021.

Also read: Startup Story of Moneytap

Refrens- Founders & Team

Both the co-founders have known each other for a very long period of time and even have worked together in the last venture.

Naman Sarawagi, Co-founder of Refrens

Naman Sarawagi is the Product and marketing manager of Refrens. He is also the founder of FindYogi.com. He has previously been a Product Manager at Freecharge and ZipDial. Moreover, Naman has invested in Daily Ninja and Holidify. Daily Ninja is a startup which provide subscription based deliver service of daily products whereas Holidify is a holiday planning website.

Mohit Jain, Co-founder of Refrens

Mohit Jain handles all the Tech for Refrens. He has an experience of working as a CTO at Findyogi.com. He has been a tech consultant to many startup.

Findyogi.com is a website which compares the prices of the product from all the different e-commerce websites out there. The company was acquired by Way2News in 2016.

Refrens- The idea and starting up

I met a lot of good freelancers during my course of growing multiple startups but finding them and interacting with them was tough. It looked like a good market to solve problems for. - Naman Sarawagi, Co-founder of Refrens

They later studied the Industry reports on market size and the tools that these freelancers and other professionals were using for payment gateway. They launched a raw product in a closed group. Later, based on feedback they received, they started optimizing their service.

Their initial product wasn’t accepted in the market. It required too much habit change for users. After talking to a few freelancers with the second iteration, Refrens got accepted by the freelancers pretty fast. People found the tool simple and slick.

Refrens- The Product & Service

Currently, Refrens is a simple invoicing and payments collection system. Once the user starts creating their first invoice the intuitive system keeps them on the platform for a long period of time. Doing extras for the clients like adding payment options, offering discounts, etc. is easy on Refrens.

Refrens was started to solve the problem of slow payment collection from clients by the freelancers. It helps the freelancers collecting payments faster. That is the core objective of the company. It is possible to create an invoice in-under 30 seconds on Refrens. A good design is what supports the service of Refrens.

Refrens- Name, Logo & Tagline

Refrens Logo

Refrens is a play on the reference. The team believe that the freelancers get business from reference of past clients so it is an important part of their growth.

Refrens- Business Model

Refrens plans to monetize the platform through the optional payment gateway on the platform and by selling custom financial services.

Refrens- Customer Acquisition

Both the founders had a closed group of friends who became their first 10 users. They later announced the product on a couple of forums and freelancer groups.

Refrens- Challenges

Convincing freelancers about a new tool is difficult and time taking to do 1-on-1. We are now growing from our customer base.

Naman says that the social media has stopped working. They tried couple of hacks around FB groups and Pages but it seems those are mostly dead to drive mass attention.

Also read: Best Fintech startups in India

Refrens- Future Plans

The company is only a month old and have a little over 500 users.
(Please note that we publish profile of companies of atleast 8 months old startup, however exception was made because of team, vision and the product)  

Over the next few months we will expand our capabilities around accepting multiple currencies through multiple payment instruments. Over the next 2 years, we want to be the leading platform serving freelancers in india. We will be going deeper in their workflow and more useful features to collaborate. - Naman
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About Lakshya Singh

I am a visionary content creator and internet researcher.