Elevate Secures $5 Million in Pre-Series A Funding Round to Expand in the Middle East and Africa
Elevate, a fintech company headquartered in London and Dubai has announced securing $5 million in a Pre-Series A funding round. The company aims to use this funding to enhance its expansion in the Middle East and Africa, following its successful attraction of over 150,000 users from Asia and North Africa since its launch earlier this year.
Innovative Financial Solutions for Freelancers
Elevate offers tailored financial solutions for freelancers and remote workers, enabling them to easily receive payments from employers in international markets. The platform allows users to receive payments from the United States and major freelancing platforms like Upwork, Maqsam, PayPal, Deel, and Toptal, making it a preferred choice for professionals in these fields.
Diverse Services and Multiple Benefits
Elevate’s services include providing direct debit cards for online spending and applying standard exchange rates for foreign currencies when sending money domestically. The company also allows users to transfer funds back to their local accounts in US dollars for a fixed fee of $10. Deposited funds are held in Elevate accounts at Bangor Savings Bank, a financial institution in the US established 172 years ago. This partnership ensures that customers’ deposits are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC), providing strong financial protection for residents in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.
Company’s Vision
Khalid Keenan, CEO of Elevate, emphasized the significant impact of the rise of remote and freelance work in changing the rules of the game in emerging markets in the Middle East and Africa. He noted that platforms like Upwork, Maqsam, and Deel enable freelancers in countries like Egypt to receive payments in US dollars for their services from anywhere in the world. However, existing solutions for accepting payments in US dollars are often costly and inefficient. Keenan added that Elevate aims to reduce transfer fees and simplify the process to ensure that freelancers and remote workers retain as much of their hard-earned money as possible.
Addressing Economic Challenges
Many developing countries face significant economic challenges, including the devaluation of local currencies. Elevate seeks to address this issue by providing a reliable means of collecting payments in US dollars and retaining them. This service is crucial for remote workers and freelancers who aim to protect their earnings amidst local currency fluctuations, helping them maintain their purchasing power.
Elevate serves as a lifeline for freelancers and remote workers in emerging markets, offering innovative financial solutions that facilitate international payments and protect earnings from currency fluctuations. With the continued growth of the freelancing sector in the Middle East and North Africa, Elevate is well-positioned for further success and expansion.
