London-based Juuli, an invoicing and payment platform for freelancers, has secured €1.2M in pre-seed investment. The company plans to use this capital to expand its global business operations in the final quarter of 2023.
Burcin Gungor, co-founder of Juuli, says, “It’s been only five months since we launched the beta version of Juuli, and we are already serving freelancers in over 15 countries worldwide. We are immensely proud to contribute to the flourishing freelancer economy.”
“The global freelance market is on the cusp of remarkable growth, with a projected value of €13.51B by 2030 and an annual growth rate of 16.5 per cent, signalling the entry of new freelancers every day.”
“This represents tremendous growth potential for Juuli. With the pre-seed investment we secured shortly after launching our beta version, we are gearing up to expand our operations in 2024 and strive to make the lives of freelancers around the world significantly more convenient,” Gungor adds.
Common problems in freelance payment
Freelancing is a popular alternative for workers who wish to work beyond the limitations of their home countries, with the profit sometimes exceeding their countries’ average annual pay.
For example, it is estimated that approximately 27.66 million self-employed people live in the European Union in 2022. Although the number decreased by one million during the coronavirus pandemic, the number has resurged back to pre-pandemic levels, especially amongst female freelancers.
However, freelancing is not without problems. Problems including the time and fees needed for processing the payment continue to baffle freelancers, especially if they live in countries different from their clients.
It becomes problematic if the clients are having difficulty in processing the payment to the freelancers in a timely manner. Considering the intricacies of international wire payments, freelancers often have to wait for days, weeks, or even months until they receive their payment.
Freelance payment made easy
Endorsing itself as a hassle-free invoicing and payment platform for freelancers, Juuli provides ease of payment without needing company setup and bank account opening.
Juuli uses a pay-as-you-go payment mechanism without hidden costs to ensure that freelancers receive their payments in minutes from their clients.
Juuli accepts worldwide and local currencies to ensure freelancers receive payments irrespective of their home countries. Furthermore, Juuli also uses a multi-layered security policy and an AI system to process and approve the payment without intervention from third parties.
The platform emphasises its 6 per cent commission on EUR, USD, and GBP invoices as an edge over other payment platforms in the market.
Freelancers can use Juuli by signing up on the platform to make their accounts. After signing up, freelancers can create invoices and send them to their customers within seconds.
Once the customers approve the invoice and the transaction, Juuli processes the payment immediately to prevent the freelancers from waiting.