Work technology (worktech) platform Ruul has announced that its solutions are now available in 120 countries worldwide, allowing more freelancers to take control of their work and modern businesses to embrace the remote reality with compliance.
Ruul was founded by siblings Mert and Esen Bulut in 2017 to solve the enablement problem of freelancers and help them invoice companies for their services, which is a frequent point of friction in the freelance economy. It later became a global invoicing and payment collection partner for freelancers, acting like a layer between the business and the freelancers.
The company was initially based in Estonia because of its startup-friendly regulations. It gradually expanded into the European and Turkish markets, before adding more countries in the Americas, and Asia-Pacific.
According to Eran Karaso, the Chief Operating Officer of Ruul, the global landscape of flexible work arrangement is witnessing a remarkable engagement of over 1.5 billion professionals. Among them, an impressive 20% are categorized as high-skilled employees, contributing to the creation of a staggering $1.4 trillion economy within the United States alone. Surprisingly, only 30% of these independent professionals pursue freelancing as a full-time occupation. Consequently, the remaining freelance workforce heavily relies on platforms like Ruul, which offer compliant invoicing and payment collection services, facilitating smooth cross-border transactions.
To solve this Ruul provides an Agency of Record service, where it positions itself as the legal authority to represent the freelancer in order to issue invoices and collect payment on their behalf. Ruul also handles the payout in 120 countries using the freelancer's currency of choice. The Ruul platform hosts several helpful tools for freelancers and businesses, allowing them to generate important documents such as invoices, non-disclosure agreements, and service agreements.
With 120 countries now under its belt, Ruul is releasing several new updates to its worktech offering soon. This includes one-stop compliance features for India and Turkiye, which will be followed by the launch of a completely automated, IRS-approved tax compliance service for the US.
Following these updates, Ruul will concentrate on localizing the services based on micro prioritization. Aside from tax compliance, it will also offer financial services in the future, as well as insurance products for businesses covering the digital services they buy.
On the freelancer side, Ruul will provide health insurance designed especially for digital nomads, as well as insurance for the hardware they use for delivering their services.
With a looming economic recession, Karaso says that buy now, pay later (BNPL) companies are growing, and employees are availing of payday advances to have extra cash on hand. Ruul is looking to bring these features to the freelancing arena, allowing independent professionals to get paid early for their outstanding invoices with payment terms.
“Over the past six months, we did not launch any new features because we were busy getting the legwork done,” Karaso says. “But soon, we will be launching new functionalities for Ruul in quick succession. We’ve been really busy, but it’s been a good experience for us. Our team is excited to deliver all these new services, and most of them are expected to be live by the fourth quarter of 2023.”
Media contact:
Name: Kristina Ayse Dincer
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