South African startup Rafiki has announced the strategic spin-out of its fintech division into a new, standalone company, Petl Pay. This move separates its talent platform from its payments engine to address the financial complexities of the global gig economy. The new entity will focus exclusively on orchestrating payments for distributed, project-based teams across international borders.
From Talent Marketplace to Payments OS
Founded in 2023 by Greg Cooke and Nicolas Boswell, Rafiki began as a freelance marketplace before evolving to meet a deeper industry need. The founders observed that modern work is increasingly modular, involving multiple collaborators from different countries on single projects. This prompted a pivot towards an operating system for managing and paying global teams.
The platform was designed to solve the fragmented and costly process of paying multiple subcontractors. Agencies and freelancers often struggle with a patchwork of tools for invoicing, time tracking, and expensive international bank transfers. Rafiki identified that the primary bottleneck was not finding talent but coordinating the complex flow of funds.
Petl Pay: A Dedicated Financial Infrastructure
Petl Pay emerges as the dedicated fintech product that previously powered Rafiki’s payment infrastructure, now aimed at a broader market. It functions as a payments orchestration platform at the convergence of HR and financial technology. The system translates collaborative workflows into consolidated invoices and automated split payments for all contributors.
The platform enables a single client payment to be cleanly routed to numerous collaborators across borders, saving significant administrative costs. It integrates with regulated payment providers and utilizes both fiat and stablecoin rails for faster, transparent settlement. Crucially, Petl Pay does not take custody of funds, which simplifies its regulatory position.
The Strategic Decision to Separate
The decision to spin out Petl Pay stems from a mismatch between contemporary work models and legacy financial systems. Co-founder Greg Cooke noted that financial infrastructure is still built for one-to-one employment and static payroll cycles. This forces project-based teams to rely on clunky, inefficient processes to ensure everyone is paid correctly.
By separating the two entities, each can pursue a more focused strategy. Rafiki Works will continue as a services and talent platform, connecting clients with curated teams. Meanwhile, Petl Pay is positioned to become a dedicated financial engine for the broader project-based economy, beyond Rafiki's own ecosystem.
Modernizing the Gig Economy's Plumbing
This restructuring highlights a significant transformation in global work, where remote collaboration is now standard. As African talent becomes more integrated into global delivery chains, the need for efficient cross-border payment systems grows more acute. Petl Pay aims to provide the underlying financial infrastructure that makes this distributed model truly seamless.
The company is currently in a private beta phase, concentrating on payment corridors between the US, UK, and EU into Southern Africa. It is actively expanding its partnerships across Africa and Europe to strengthen its network. This focus underscores a commitment to reducing friction for agencies and improving cash flow for freelancers.
The launch of Petl Pay marks a significant step in addressing the operational challenges of a borderless workforce. By separating its payments infrastructure, the company is betting that innovation lies not just in connecting talent but in moving money intelligently. This move positions Petl Pay as a key enabler for the future of project-based work.