OluwaToyin Fakorede
Head of Compliance at Raenest
Raenest is a global financial platform specializing in cross-border payments and multi-currency management for individuals and businesses. The platform provides foreign currency accounts, international money transfers, and both virtual and physical dollar cards, making it easier for users to pay for international services, subscriptions, and business expenses.
Originally established to support Africa’s remote workforce, freelancers and digital businesses, Raenest has expanded its operations to serve a global user base of freelancers, startups, and enterprises operating across multiple markets. By integrating essential financial tools into a single platform, Raenest enables its customers to receive payments faster and manage international finances more efficiently. As the company grows globally, it remains focused on maintaining high compliance standards and fast onboarding to ensure users can operate and get paid across borders regardless of their location.
The Challenge
Before integrating Sumsub, Raenest relied on another verification provider with limited coverage. While functional at a smaller scale, this setup created bottlenecks as user volumes grew, leading to longer onboarding times and inconsistent user experiences. During peak onboarding periods, delays increased further, which limited Raenest’s ability to scale efficiently and detect fraud quickly.
Expanding globally introduced further complexity. Each new region brought its own ID types and regulatory requirements, making verification slower and increasing the risk of errors.
Raenest needed another automated solution that could handle this global variety at speed, ensuring high accuracy and robust fraud detection across all markets.
Why Sumsub?
Raenest chose Sumsub for its extensive global coverage and the ability to process a wide range of document types across multiple markets. Key priorities included automated AML detection and customizable verification flows, which allowed Raenest to increase onboarding speed while maintaining a high standard of compliance.
Specific products like ID and Document-free Verification and Liveness checks were essential in this decision. These tools helped Raenest cover a broader set of regions and document scenarios through a single provider, strengthening fraud prevention without adding friction for the user.
The Solution
Raenest now uses a verification process integrated directly into its onboarding flow. Users complete their identity verification and in-app Liveness check, with the majority of applications auto-approved instantly. This allows the compliance team to focus on only flagged, high-risk cases.
To optimize onboarding in one of its key markets, Raenest utilizes Sumsub’s Non-Doc Verification for Nigeria. This transition has significantly reduced user friction and brought verification time down to 2.5 seconds.
OluwaToyin Fakorede
Head of Compliance at Raenest
With document-free verification, we’re now seeing verification times of less than 3 seconds. By checking government data directly, we’ve eliminated the need for document uploads, which has significantly reduced user drop-offs while keeping our compliance standards high.
Beyond individual KYC, Raenest uses Sumsub’s Business Verification to onboard corporate clients. This automated stack includes Registry checks, AML Screening, and Company Document reviews, alongside KYC for UBOs. This ensures that every business entity on the platform is fully verified and compliant with global standards.
OluwaToyin Fakorede
Head of Compliance at Raenest
Sumsub’s solution solves our challenges by automating verification, reducing manual work, and speeding up onboarding. What stands out most is its accuracy, global coverage, and built-in AML Screening, which help us scale efficiently while maintaining compliance and a smooth user experience.
Implementation
The implementation process was efficient and straightforward. Thanks to Sumsub’s clear documentation and robust APIs, Raenest was able to integrate the solution into its existing onboarding flow with minimal development overhead.
Adoption was fast for both the internal compliance team and the global user base. The setup met Raenest’s requirements for speed and flexibility, allowing the platform to move from integration to full operation quickly and without disruption to the user experience.
The Results
The impact of integration is reflected in several key metrics:
- Average onboarding time of end users decreased by over 60%
- User approval rates improved by 40–55%
- More than 80% of verification checks are now fully automated, with only high-risk cases requiring manual intervention
Beyond speed, the transition to automated verification delivered significant financial and operational benefits. By switching to a more reliable provider, Raenest reduced operational costs and enabled the compliance team to scale without increasing headcount. This efficiency improved user conversion and supported revenue growth, while enabling the team to focus on higher-risk, strategic compliance work.
The faster, more intuitive verification process also led to higher user satisfaction and a notable drop in onboarding-related support tickets. Internally, the shift to a more structured, automated workflow significantly improved team morale by reducing the burden of repetitive tasks.
OluwaToyin Fakorede
Head of Compliance at Raenest
Since integrating Sumsub, we noticed higher user trust and satisfaction due to a faster, clearer verification process, fewer support requests related to onboarding, and improved team morale as the compliance workload became lighter and more structured.
Future plans
Looking ahead, Raenest plans to continue using Sumsub’s automation to expand into additional regions while maintaining high regulatory standards. Raenest is now focused on scaling its infrastructure to support a growing global user base and expanding its reach into new international markets. As the company launches new financial tools for both individuals and businesses, maintaining a robust and adaptive compliance framework remains a top priority.
