Elevate, a fintech company with operations in London and Dubai, raised $5 million in a pre-Series A funding round. Since its launch earlier this year, Elevate has attracted over 150,000 users across Asia and North Africa. This latest funding injection will drive its expansion into the Middle East and Africa.
In response to the burgeoning freelance and remote work community in the MENA region, Elevate is set to deliver robust financial solutions tailored to the unique challenges of these professionals. The platform facilitates seamless payments from the US and international employers and major freelancing platforms such as Upwork, Maqsam, PayPal, Deel, and Toptal.
Elevate’s services include debit cards for online spending and competitive foreign exchange (FX) remittance rates. Users can transfer funds back to their local USD accounts for a flat fee of $10. Funds held in Elevate accounts are deposited with Bangor Savings Bank, a 172-year-old institution in Maine.
This partnership ensures FDIC insurance coverage of up to $250,000 per customer, offering significant security for residents in Egypt, the Philippines, Pakistan, and Bangladesh.
“The surge in remote work and freelancing is revolutionizing emerging markets in the Middle East and Africa,” said Elevate’s CEO Khalid Keenan. “Platforms like Upwork, Maqsam, and Deel have enabled talent from countries such as Egypt to earn in USD globally. However, existing solutions for receiving USD payments have been costly and inefficient. Elevate’s mission is to maximize freelancers’ and remote workers’ earnings by minimizing fees and simplifying the process.”
Over the past five years, many residents in emerging markets have grappled with severe currency devaluation, eroding their purchasing power. Elevate addresses this issue by offering a reliable means to receive and hold USD, a crucial service for remote workers and freelancers seeking to protect their earnings against local currency volatility.
Looking ahead, Elevate plans to expand into additional emerging markets and introduce new financial products, including savings and investment accounts.
The company is committed to reducing costs and enhancing its financial offerings, emphasising compliance, customer-centric solutions, and financial inclusion. Elevate’s dual focus on wealth protection and growth positions it as a key player in the evolving fintech landscape.
