Case Study: Raenest achieves stronger fraud detection and higher conversions with Veriff

Simplifying global receivables for African freelancers and businesses

Raenest, a financial management platform for African freelancers and businesses, faced significant challenges verifying customer identities across 54 different countries. The complex regulatory landscape, low levels of digital identity, and high operational costs for KYC, AML, and anti-fraud processes hindered their ability to scale securely. Their previous solution was ineffective, making it difficult to meet compliance obligations and expand their business.

By implementing Veriff's AI-powered identity verification platform, Raenest was able to swiftly and securely onboard a broad customer base. The solution from Veriff could recognize over 13,000 types of government IDs, which dramatically improved their operations. The measurable results were profound: fraud detection jumped from 10% to 90%, conversion rates increased from 40% to 60%, and compliance risk cases dropped from five per month to just one.

Raenest

Victor Alade

CEO and Co-Founder