Elevate raises $5m to offer dollar accounts in emerging markets like Pakistan
Elevate, a fintech based in London and Dubai, has secured financing of $5 million to expand further into South Asia.
They’ve raised a total of $10 million in equity and debt from investors including Y Combinator, Goodwater, Global Founders Capital and VSQ. Since launching earlier this year, over 50,000 freelancers and remote workers from Pakistan and more than 150,000 have signed up in total.
“Having received an unprecedented response from Pakistani freelancers in a very short span of time, Elevate is looking at registering over 500,000 Pakistani freelancers and remote workers facilitating them to increase their business share in the USA as well as other developed markets,” said a press release.
Elevate simplifies receiving USD payments by supporting free and fast deposits from US and international employers as well as platforms like Upwork, Fiverr, Paypal, Deel and Toptal.
Online spending is enabled through a virtual debit card and for sending money home Elevate offers market-leading FX rates.
When customers receive payments into their Elevate accounts, the funds sit with Bangor Savings Bank, a 172-year-old bank located in Maine, United States.
Bangor Savings Bank acts as the deposit-taking institution and card issuer, and because they are an FDIC member, customer deposits are FDIC-insured up to $250,000.
“This makes it the only service available for people in countries like Pakistan, Bangladesh, and the Philippines to open an FDIC-insured US bank account.”
Khalid Keenan, CEO of Elevate said: “Freelancing and remote work is going to be a key source of foreign income for emerging markets. Platforms like Upwork, Fiverr and Deel have empowered talent from countries like Pakistan to compete on a global scale and earn in USD”.
