Elevate secures $5 million funding for South Asia expansion

Elevate, a financial technology company operating in London and Dubai, has recently announced a significant milestone by securing $5 million in funding. This funding aims to support the company's expansion efforts in South Asia, particularly in countries like Pakistan.

Since its inception earlier this year, Elevate has garnered substantial attention, attracting over 50,000 freelancers and remote workers from Pakistan. The company has successfully raised a total of $10 million from prominent investors, including Y Combinator, Goodwater, Global Founders Capital, and VSQ.

One of Elevate's primary objectives is to onboard more than 500,000 Pakistani freelancers and remote workers to facilitate their access to business opportunities in the USA and other developed markets. The company offers a streamlined process for receiving USD payments, enabling users to benefit from quick and free deposits from US and international employers, as well as popular platforms like Upwork, Fiverr, Paypal, Deel, and Toptal.

Moreover, Elevate provides users with the convenience of making online purchases through a virtual debit card and ensures competitive foreign exchange rates when transferring money back to their home countries. Notably, funds received in Elevate accounts are securely held by Bangor Savings Bank, an established financial institution in Maine, United States. As an FDIC member, Bangor Savings Bank guarantees that customer deposits are FDIC-insured up to $250,000.

Elevate's CEO, Khalid Keenan, emphasizes the significance of freelancing and remote work in driving foreign income for emerging markets. Platforms like Upwork, Fiverr, and Deel have empowered talent from countries such as Pakistan to compete on a global scale and earn in USD. Elevate's mission is to offer freelancers and remote workers a cost-effective solution for receiving payments, enabling them to retain a higher portion of their earnings.

Elevate's recent funding success and strategic initiatives underscore the company's commitment to supporting the freelance economy in South Asia. By providing innovative financial solutions and access to FDIC-insured U.S. bank accounts, Elevate is poised to empower freelancers and remote workers in the region, ultimately contributing to economic growth and financial inclusion.