Refrens: A Revolutionary Payment Gateway for Freelancers

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As people look for alternatives beyond their day jobs, they are quick to stumble upon freelancing. Freelancing is now emerging as a viable career option. Gone are the days when it was merely seen as a source of side income. However, this path isn't void of difficulties. One such obstacle is a slow payment gateway. A freelancer's will to take up projects dies down when payments aren't received on time!

This is where Refrens comes into picture. It aides freelancers by providing an optimal mechanism for payments gateway.

Refrens Highlights

Startup Name Refrens
Headquarters Bengaluru
Founders Naman Sarawagi and Mohit Jain
Sector Fintech
Founded 2019
Parent Organization Refrens Internet Pvt. Ltd.

Refrens - Vision And Mission
Refrens - Product
Refrens - Industry Details
Refrens - Founders And Team
Refrens - The Idea And Launch
Refrens - Product And Services
Refrens - Name, Logo, And Tagline
Refrens - Business Model
Refrens - Customer Acquisition
Refrens - Challenges
Refrens - Future Plans

Refrens - Vision And Mission

Refrens wants to create the easiest way for freelancers to collect payments and collaborate with other freelancers. Refrens provides a payment gateway system for freelancers to send and receive payments comfortably.

Refrens - Product

Refrens is an invoicing and payments service provider. The company's core segment revolves around B2B freelancers. The Refrens team strongly believes in freelancing as the future of work. As a result, this domain needs significant enhancements and advancements to be successful.

Refrens - Industry Details

The freelancing industry, better known as the 'Gig Economy', has since immense recognition and growth over the last decade. There are around 20 million people working as full-time freelancers in India. This number stands at more than 6 million in the USA; such is the influence of freelancing.

On the other hand, the payment gateway service is also witnessing rapid adoption in India. Since this is the digital era and everything's online, the technologies and tools powering the internet need to be efficient and flawless. This includes payment gateways as well. The existing payment mechanisms have tremendous scope for improvement which Refrens is working on.  

Also read: Startup Story of Moneytap

Refrens - Founders And Team

Naman Sarawagi, Co-founder of Refrens

Naman Sarawagi is the product and marketing manager at Refrens. Moreover, he is the founder of FindYogi.com. Naman has previously been a product manager at Freecharge and ZipDial.

With a penchant for investing in the right places, Naman has put his money in Daily Ninja and Holidify. Daily Ninja is a startup providing subscription based delivery of daily products whereas Holidify is a holiday planning website.

Mohit Jain, Co-founder of Refrens

Mohit Jain handles Refren's technical division. He was the CTO at Findyogi.com. Mohit has been a tech consultant at various startups.

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

Refrens - The Idea And Launch

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

The duo scrutinized industry reports on the market size and the tools used by freelancers and other professionals for payments. They launched a raw product in a closed group. With the feedback received, they started improvising on the product.

Their initial product wasn’t well-received by the audience. It called for excessive change in user habits. After incorporating the responses received by some freelancers in the product's second iteration, Refrens' offering was quick in getting accepted by the freelancing community. People found the tool simple and slick.

Refrens - Product And Services

Refrens is a simple invoicing and payments collection system. Once the user has processed their first invoice through Refrens, the intuitive system gets the user hooked onto it through the numerous features the platform offers . For freelancers, it becomes easy to enable options like adding payment methods, offering discounts, etc. for their clients via Refrens.

Refrens was launched to solve the delay and inefficiency freelancers face when collecting payments from different customers. It is possible to create an invoice within 30 seconds on Refrens. A good design is bolsters Refrens' product.

Refrens- Name, Logo, And 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 its optional payment gateway facilities and by selling custom financial services.

Refrens - Customer Acquisition

Both the founders had a closed group of friends who were the first 10 users. They later announced the product on a couple of forums and freelancing 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 social media has stopped working when it comes to attracting customers. They tried a couple of hacks around Facebook groups and pages but weren't successful in driving mass attention.

Also read: Best Fintech startups in India

Refrens - Future Plans

The company is only a month old and has a little over 500 users.

Please note that we publish profile of companies of at least 8 months old startup. However, an exception was made in this case because of the team, vision, and its 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.
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