In recent years, India has witnessed an incredible surge in the demand for freelance workers. This burgeoning gig economy in the country mirrors the global shift towards remote working.
The fifth edition of the Payoneer Freelancer Insights Report in 2023, which surveyed over 2,000 freelancers from 122 countries, revealed that freelancers in India start young, with 40% of Indian respondents under the age of 25 years and 39% under 35 years. Freelancers in the country are highly educated, but their hourly payment rates do not match their qualifications, showcasing a gap in terms of freelancing expertise, payments, and qualifications. Many freelancers in the country are now looking to expand their client base globally, in search of more suitable and better paying work.
The freelance community faces a few challenges: rising competition, irregular and late payments, and a lack of seamless digital payment solutions.
Enter Native Teams, an all-in-one platform that offers global work solutions for freelancers, remote workers, and businesses. The UK-based company offers a suite of solutions to over 70,000 freelancers, enabling them to scale their work globally.
A mission to better cross-border payments
Native Teams was founded in 2020 by Jack Thorogood. The idea was born from the struggles that Thorogood and his global team faced when dealing with cross-border payments for remote work.
Having witnessed teams struggle with timely and consistent payments, Thorogood realised the need for a comprehensive platform that would allow freelancers and remote workers to receive international payment and global employment. The platform has shown broader market appeal since its launch, prompting Native Teams to venture into new countries. India landed on their radar, as the country boasts of a significant freelance workforce, and requires robust, seamless remote work solutions.
Flexible payments for flexible work
The mechanics of maintaining a robust freelance career can often overwhelm people, especially when it comes to invoicing and managing multi-currency payments. Native Teams provides an arsenal of tools tailored to the needs of remote workers and employees.
The first is a Multi-currency Digital Wallet. With an increasing number of freelancers looking to secure work abroad, the need for a wallet that can deftly manage multiple currencies is high. Native Teams’ wallet manages payments in different currencies, receives cross-border payments and transfers funds to local banks, in exchange for a minimal fee.
Native teams also offer services that freelancers can use to create, track and send professional invoices to clients across the globe. Freelancers can also enhance their cash flow management by opting for one-time or recurring payment requests.
Customer Testimonials
“The easiest platform I have used to receive money ever! I used it to successfully receive funds from the US, and I was able to withdraw these funds easily too. Nice one Native Teams!”
“I would like to thank the Native Teams’ support team for building trust and making my payments seamless. I hope to keep working with you as a lifelong payments partner.“
Clearly, the platform relieves freelancers of administrative burdens, letting them focus on work.
Freelancers, startups, and small and medium-sized enterprises can also use the platform to set up a legal entity in the UK to save their hard-earned money. Not only does this allow lower tax rates on dividends and deductible business expenses, it also allows for greater control over profit distribution and enhanced business savings.
Global payments: simple, compliant, and secure
Cross-border payments can seem needlessly daunting and complex to many freelancers. However, Native Teams’ Global Payments service simplifies, streamlines, and secures payments across borders. The company leverages comprehensive security measures to keep sensitive financial information secure, offering a digital wallet that is compliant with financial regulations across the globe. Additionally, platform users have to undergo a mandatory Know Your Customer (KYC) process when they register.
Native Team also ensures compliance with local regulations and laws of over 70 countries by providing localised payroll processing and tax compliance services.
For businesses, the Native Teams’ platform handles employment law, taxes, social contributions and regulations so that they can grow and operate without being held back by red tape. A team of localised tax consultants, lawyers, and a customer support team are also at hand to guide individuals and businesses in their journey to stay compliant.
All of these teams and tools combine to provide hassle free and flexible global payments, that free up mindspace for individuals and businesses to focus on growing globally.
Bringing Native Teams to unique markets
In May 2024, Native Teams was able to successfully raise €6.275 million in a new investment round led by existing investors Eleven Ventures and Fil Rouge Capital, along with new investors MFG Invest and Begin Capital. This funding will help expand Native Teams’ presence in strategic markets like the US, India, and other Asian countries. In India, this investment will take the form of enhanced local support, increased availability of tools and services, and further development of the platform to support India’s unique and flourishing freelancer sector.
“The market opportunity ahead of us is probably the biggest sector imaginable: redefining payments for work. This funding round lets our capital-efficient business take the next important steps as we serve ever-broader market segments, to a greater extent, and in a growing number of countries,” said Jack Thorogood, CEO & Founder of Native Teams.
There’s no looking back for Native Teams as more Indians opt for flexible or remote work. The shift has opened new markets and given freelancers access to a wider client base. As remote work moves into the mainstream, Native Teams is offering freelancers a hassle-free payments experience as they venture onto the global stage.
Find out more about Native Teams’ solutions
Source: Native Teams
