Smile ID Helps Raenest Boost Onboarding Completion by 20% and Fuel Expansion Across Africa
Raenest at a glance
Use Case
Onboarding, Fraud Prevention, Business Verification
Industry
Fintech
Countries of operations
Nigeria, Kenya, Ghana
- 450k+
- Users verified
- 20%
- Increase in onboarding completion
- 2X
- Transaction Revenue
How Raenest Doubled its Earnings using Smile ID
About Raenest
Raenest's mission is to make global receivables and expenses seamless for African businesses and freelancers. They achieve this by enabling users to set up foreign bank accounts in the US, UK, and Europe, facilitating faster and cheaper payments. Additionally, Raenest provides business cards and the ability to transfer funds to over forty countries, enhancing global expense management.
Since its inception, Raenest has expanded beyond Nigeria into two new markets—Kenya and Ghana—supporting over 500,000 freelancers. Raenest also assists African businesses in expanding worldwide by enabling seamless payment reception from customers, clients, and investors.
Challenges with Verification
When Raenest started operations in Nigeria, it faced significant challenges with its user onboarding process. Verification delays of 1-2 days led to high drop-off rates and frustrated customers. The manual review process was time-consuming, straining the team and impacting other operations. Furthermore, the prevalence of multiple valid IDs in Africa increased their fraud rate due to duplicate signups from users trying to game the system.
Raenest had ambitious expansion plans from the start and required a verification partner with robust capabilities (across multiple use cases) and extensive coverage across Africa. They sought a solution that could accommodate both individual and business verifications without the need for additional integrations.
Raenest selected Smile ID as its primary verification partner in Africa after discovering that we could effectively address all their pain points.
Partnering with Smile ID
Partnering with Smile ID has been transformative for Raenest, enabling them to expand seamlessly into new markets like Kenya and Ghana without the need for additional providers.
Smile ID's comprehensive ID coverage across Africa—including voter cards, national IDs, driver’s licenses, and passports—has given Raenest users multiple verification options, increasing onboarding completion rates. The range of verification products, such as Biometric KYC, Enhanced KYC, and Business Verification, allowed Raenest to streamline their onboarding processes, reduce fraud, and ensure regulatory compliance without the hassle of additional integrations. Furthermore, Smile ID’s flexible pricing model proved to be a cost-effective solution during Raenest’s early stages, making it easier for them to scale.
This integration also drastically improved Raenest’s operational efficiency, reducing verification times from two days to just five minutes and cutting manual verifications by 98%. These advancements boosted onboarding completion rates by 20%, allowing Raenest to onboard hundreds of thousands of users and thousands of businesses across Africa. Smile ID’s trusted reputation has strengthened Raenest’s relationships with key banking and fintech partners, who view Smile ID as a reliable and recognised verification provider.
As Raenest continues to grow and explore new business verticals across Africa, Smile ID remains a trusted partner, providing the ongoing support needed to deliver a seamless, best-in-class user experience.
Video Snippets
Raenest: Make global receivables and expenses seamless for Africans
Why Raenest Chose Smile ID as it's Verification Partner
Doubled Transaction, Faster Onboarding and Earned Trust - Raenest x Smile ID
“We chose Smile ID because it seamlessly supports multiple ID types across Africa, and allowed us to expand into new markets like Kenya and Ghana without any new integrations. ”