Hajra Naz
The London and Dubai-based fintech company Elevate has raised $5 million in funding to grow into South Asia. Investors such as Y Combinator, Goodwater, Global Founders Capital, and VSQ have contributed loans and equity totalling ten million dollars. Since the site’s launch earlier this year, Over 50,000 Pakistani remote workers and freelancers have signed up, bringing the total to over 150,000.
By facilitating quick and free deposits from US and foreign employers, as well as sites like Upwork, Fiverr, Paypal, Deel, and Toptal, Elevate, makes receiving USD payments easier. Elevate provides market-leading FX rates for transferring money home, and a virtual debit card facilitates online spending.
You may also like to read: Want to get a virtual USA bank account in Pakistan? | Get Elevate Pay
The money that customers receive in their Elevate accounts is held by Bangor Savings Bank, a 172-year-old bank with its headquarters based in Maine, USA. Customer deposits are FDIC-insured up to $250,000 because Bangor Savings Bank handles deposits and issues cards. People in Pakistan, Bangladesh, or the Philippines can get an FDIC-insured bank account in the United States.
“Freelancing and remote work is going to be a key source of foreign income for emerging markets,” stated Elevate CEO Khalid Keenan. Thanks to websites like Upwork, Fiverr, and Deel, skilled individuals from Pakistan may now compete globally and make money in US dollars.
With their exorbitant costs, established systems such as Payoneer have not provided adequate service to the region.
Khalid continued, “At Elevate, we want to make it simple and quick for freelancers and remote workers to get paid. We aim to minimize costs, helping them keep more of their hard-earned money.”
