The London and Dubai-based fintech startup Elevate has raised $5 million in a pre-Series A funding round. Since its launch earlier this year, Elevate has drawn over 150,000 users from Asia and North Africa, and the new fund will support its growth into the Middle East and Africa.
Elevate is positioned to offer a strong financial solution to address the common issues faced by professionals who work remotely and freelance, as the freelancing and remote working communities in the MENA region continue to grow. Users of the platform can easily accept payments from employers in the United States and other countries, as well as from well-known freelance marketplaces like Upwork, Maqsam, Paypal, Deel, and Toptal.
Debit cards for online purchases and industry-best foreign exchange (FX) rates for sending money home are features of Elevate’s product line. The company charges a flat fee of $10 for users to transfer money back to their local USD accounts. The 172-year-old Bangor Savings Bank in Maine, USA, is the custodian of funds deposited into Elevate accounts. Residents of Egypt, the Philippines, Pakistan, and Bangladesh will now have unparalleled security thanks to this partnership, guaranteeing that all customer deposits held with Bangor are FDIC-insured up to $250,000.
“The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa,” said Khalid Keenan, CEO of Elevate. “Platforms like Upwork, Maqsam, and Deel have empowered talent from countries like Egypt to earn in USD on a global scale. However, existing solutions for receiving USD payments have been costly and inefficient. Elevate’s mission is to ensure freelancers and remote workers keep as much of their hard-earned money as possible by minimising fees and simplifying the process.”
Over the previous five years, an enormous amount of people in emerging markets have suffered from severe currency devaluation, which has reduced their purchasing power. By offering a dependable way to receive and hold USD, Elevate solves this issue. Freelancers and remote workers who want to safeguard their income from fluctuations in local currency will find this service especially important.
With an ambitious roadmap for growth, the company plans to introduce new financial products like savings and investment accounts and expand into more emerging markets. Elevate wants to keep cutting expenses while improving the financial products it offers to customers. Elevatestrikes aims to safeguard wealth and facilitate growth through its emphasis on compliance, customer-centric solutions, and financial inclusion.
