London and Dubai-based fintech Elevate raised $5 million in pre-Series A fundraising. Elevate launched earlier this year and has over 150,000 Asian and North African users. The additional money will help it expand throughout the Middle East and Africa.
It will give a strong financial solution to the frequent difficulties faced by freelance and remote workers in MENA as they grow. Users can easily receive money from U.S. and foreign businesses and major freelancing platforms including Upwork, Maqsam, Paypal, Deel, and Toptal.
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It offers market-leading FX rates for sending money home and debit cards for online spending. The company charges $10 to transfer funds to local USD accounts. It deposits are kept by 172-year-old Bangor Savings Bank in Maine. This collaboration guarantees FDIC-insured savings up to $250,000 for Bangor customers in Egypt, the Philippines, Pakistan, and Bangladesh, giving unmatched security.
“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 past five years, currency devaluation has reduced purchasing power for many developing market households. Elevate provides a trustworthy USD receiving and holding service. This service is essential for remote workers and freelancers who want to avoid local currency volatility.
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The organisation plans to enter more emerging regions and offer savings and investment accounts. It strives to reduce expenses and improve financial offerings. Elevatestrikes protects wealth and promotes growth through compliance, customer-centric solutions, and financial inclusivity.
About Elevate
Elevate offers market-leading FX rates for sending money home and debit cards for online spending.
