Elevate, a fintech company based in London and Dubai, has successfully secured $5 million in financing to support its expansion into South Asia. This new funding brings the total equity and debt raised by Elevate to $10 million, with backing from notable investors such as Y Combinator, Goodwater, Global Founders Capital, and VSQ. Since its launch earlier this year, Elevate has attracted over 50,000 freelancers and remote workers from Pakistan, with more than 150,000 users signing up globally.
The fintech’s rapid growth and strong response from Pakistani freelancers have prompted plans to register over 500,000 freelancers and remote workers from Pakistan. This expansion aims to enhance their business presence in the USA and other developed markets. Elevate simplifies the process of receiving USD payments by offering free and fast deposits from US and international employers, as well as platforms like Upwork, Fiverr, Paypal, Deel, and Toptal. Users can also make online purchases with a virtual debit card and benefit from market-leading FX rates when sending money home.
Customer funds deposited into Elevate accounts are held with Bangor Savings Bank, a 172-year-old institution in Maine, United States. As an FDIC member, Bangor Savings Bank provides FDIC insurance for customer deposits up to $250,000, making Elevate the only service available for individuals in countries like Pakistan, Bangladesh, and the Philippines to open an FDIC-insured U.S. bank account.
Khalid Keenan, CEO of Elevate, emphasized the significance of freelancing and remote work as key sources of foreign income for emerging markets. He highlighted that platforms such as Upwork, Fiverr, and Deel have enabled talent from countries like Pakistan to compete globally and earn in USD. Keenan noted that existing platforms like Payoneer have imposed excessively high fees, and Elevate’s mission is to ensure freelancers and remote workers can get paid quickly and easily, with minimal costs, allowing them to retain more of their earnings.
