Elevate, a cutting-edge fintech enterprise headquartered in London and Dubai, has recently secured a substantial financing injection of $5 million. This strategic move aims to bolster its expansion into the thriving South Asian market. With this latest round of funding, Elevate’s total equity and debt raised now stand at an impressive $10 million, sourced from esteemed investors such as Y Combinator, Goodwater, Global Founders Capital, and VSQ.
Since its inception earlier this year, Elevate has experienced unprecedented traction, particularly among freelancers and remote workers in Pakistan. Within a remarkably brief period, over 50,000 freelancers from Pakistan alone, and a cumulative total exceeding 150,000 users, have eagerly embraced Elevate’s innovative platform.
Elevate’s ambitious agenda involves registering over 500,000 Pakistani freelancers and remote workers, facilitating their expansion into lucrative markets such as the USA and other developed economies.
Central to Elevate’s value proposition is the streamlining of USD payments for its users. The platform supports seamless and rapid deposits from both US and international employers, as well as renowned platforms like Upwork, Fiverr, PayPal, Deel, and Toptal. Furthermore, Elevate empowers online spending through a virtual debit card and offers competitive foreign exchange rates for remittances.
Crucially, when customers receive payments into their Elevate accounts, funds are securely held with Bangor Savings Bank, a venerable institution with a 172-year legacy located in Maine, United States. As an FDIC-member, Bangor Savings Bank ensures that customer deposits are FDIC-insured up to $250,000, providing unparalleled peace of mind. This unique feature renders Elevate the sole service available for individuals in countries such as Pakistan, Bangladesh, and the Philippines to access an FDIC-insured U.S. bank account.
Khalid Keenan, CEO of Elevate, underscores the transformative potential of freelancing and remote work as pivotal sources of foreign income for emerging markets. He emphasizes that platforms like Upwork, Fiverr, and Deel have empowered talent from countries like Pakistan to compete on a global scale and earn in USD.
In contrast to existing solutions like Payoneer, which often impose exorbitant fees, Elevate is committed to its mission of enabling freelancers and remote workers to swiftly and affordably access their earnings. Khalid reaffirms Elevate’s dedication to ensuring that individuals retain as much of their hard-earned income as possible.