-- As the global freelance economy continues to expand, financial infrastructure is struggling to keep pace with the evolving needs of independent professionals. Addressing this gap, fintech platform Juuli today announced the launch of its Smart Wallet solution with an integrated prepaid Visa card program specifically designed for freelancers—a move that comes as recent industry data shows increasing challenges with cross-border payments.
The Smart Wallet offering addresses a critical pain point for the growing contingent workforce: receiving payments in their preferred currency regardless of the invoice currency. According to Payoneer's 2023 Global Freelancer Income Report, 58% of freelancers report payment delays as their biggest challenge, while 33% cite payment fees as a significant concern.
"Freelancing has gone global, but the financial tools supporting independent professionals remain fragmented and expensive," said Sinan Elver, CEO at Juuli. "Our Smart Wallet with the integrated business card for freelancers eliminates these barriers, allowing professionals to invoice in one currency and withdraw in another without the excessive fees typically associated with cross-border transactions."
Dynamic Pricing Responds to Market Needs
The platform's dynamic pricing feature automatically optimizes transaction costs based on payment corridors and volumes, potentially saving freelancers hundreds of dollars annually compared to traditional banking solutions. This addresses a key concern highlighted in a 2023 study by the Association of Independent Professionals and the Self-Employed (IPSE), which found that freelancers spend an average of 7.5 hours per month on financial admin tasks, including payment processing and currency conversion.
The prepaid Visa card program extends the functionality of the Smart Wallet, providing freelancers with immediate access to their earnings without requiring them to establish formal business entities or undergo credit checks. This approach aligns with Juuli's commitment to helping professionals sell their services without a company—addressing significant barriers for many independent workers, particularly those in emerging markets.
Market analysts note that such solutions are becoming increasingly important as companies shift more of their operations to flexible talent. According to Mastercard's 2023 Borderless Payments Report, 73% of small businesses (including freelancers) now make or receive cross-border payments, up from 37% in 2020, creating an urgent need for more efficient payment systems.
Responding to Regulatory Challenges
Juuli's platform also addresses the complex regulatory environment freelancers face when working with international clients. The system automatically handles compliance requirements across different jurisdictions, simplifying the administrative burden that often falls on independent professionals.
"One of the biggest challenges for freelancers isn't finding work—it's getting paid efficiently while navigating complex international banking systems," noted Elver. "Our business card solution integrates seamlessly with the invoicing system, creating an end-to-end financial ecosystem specifically built for how freelancers actually work."
Industry experts predict continued growth in alternative payment solutions for freelancers, with the global freelance platform market expected to reach $9.5 billion by 2027, according to Grand View Research's market analysis.
Juuli's platform currently supports transactions across 190+ countries and 120+ currencies, with features designed to meet both enterprise and freelancer needs. The company's focus on regulatory compliance and payment efficiency has positioned it as a key player in the evolving landscape of global workforce management.
About Juuli
Juuli is a leading fintech platform revolutionizing the freelance economy through innovative payment and business management solutions. The platform enables independent professionals to seamlessly invoice clients and receive payments globally without the complexities of establishing a company. Operating on a transparent pay-as-you-go model, Juuli provides access to over 20 payment channels and supports multiple currencies, making international transactions effortless for freelancers.
For media inquiries or more information about Juuli, please contact:
Contact Info:
Name: Burcin Cakmak Gungor
Email: Send Email
Organization: Juuli
Phone: +447391462631
Website: https://www.juuli.io
Release ID: 89155995
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