Elevate, the fintech company based in London and Dubai, has secured $5 million in a pre-Series A funding round aimed to fuel it’s expansion into the Middle East and Africa.
Since launching earlier this year, the startup has received a total of $10 million in equity and debt from investors such Y Combinator, Goodwater, Global Founders Capital and VSQ.
Khalid Keenan, CEO of Elevate said, “The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa. 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.”
Founded in 2021 by Faris Keenan, Khalid Keenan and Youcef Oudjidane, Elevate offers financial solutions for remote workers and freelancers in emerging markets to better manage their finances. Elevate has already attracted over 150,000 users from Asia and North Africa since its launch earlier this year.
The platform enables users to receive payments from U.S. and international employers, as well as from major freelancing platforms such as Upwork, Maqsam, Paypal, Deel, and Toptal.
Elevate’s offering includes debit cards for online spending and provides market-leading foreign exchange (FX) rates for sending money home.
The company allows users to transfer funds back to their local USD accounts for a flat fee of $10. Funds deposited in Elevate accounts are held with Bangor Savings Bank, a 172-year-old institution in Maine, USA.
As the MENA region’s freelance and remote working community continues to expand, Elevate is seeking to provide a robust financial solution to address the common challenges faced by these professionals.
This partnership ensures that all customer deposits held with Bangor are FDIC-insured up to $250,000, providing unprecedented security for residents in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.
Many residents in emerging markets have struggled with significant currency devaluation over the past five years, leading to a loss of purchasing power. Elevate addresses this by providing a reliable means to receive and hold USD.
This service is particularly crucial for remote workers and freelancers who seek to protect their earnings amidst local currency fluctuations.
Elevate aims to continuously drive down costs and enhance the financial products available to its users. With its focus on compliance, customer-centric solutions, and a commitment to financial inclusion, Elevatestrikes has both targets of protecting wealth and enabling growth.