TerraPay and Raenest have teamed up to accelerate cross-border payouts for freelancers in India and the Philippines.
In a recent development, TerraPay, a global money movement company, has partnered with Raenest, a fintech platform catering to freelancers, remote workers, creators, and digital businesses. The partnership aims to support Raenest’s expansion into India and the Philippines by facilitating local currency payouts via TerraPay’s payments network.
Both countries house significant numbers of gig economy professionals. In India, there are more than 1.6 million freelancers, while the Philippines has over 1.5 million remote workers. These individuals often serve international clients through platforms like Upwork and Fiverr, making timely cross-border payments crucial for their financial stability.
Improving Payout Speed and Reliability
As per the official press release, this partnership will allow Raenest customers in India and the Philippines to receive international payouts more efficiently. By integrating with TerraPay’s network, workers can expect faster and more reliable transfers of funds from clients based in the US, UK, Europe, and other regions into local currencies. TerraPay handles the underlying payments infrastructure, ensuring compliance at every step.
The context for this partnership is the growing global digital workforce and the demand for robust payment infrastructures it generates. Historically, cross-border payments to independent workers have been marred by delays, currency conversion fees, and inconsistent settlement times — issues that particularly impact workers in emerging markets who rely on international income.
Through this connection between Raenest’s platform and TerraPay’s network, the partnership targets these payment infrastructure challenges, especially in regions with a large and growing number of internationally active freelancers. This arrangement also aligns with broader trends where fintech companies serving the gig economy partner with established payments networks to expand their geographic reach without having to build local settlement infrastructure on their own.
