Elevate secures $5 million funding for South Asia expansion

Elevate, a fintech company based in Dubai, has recently received $5 million in funding to support its expansion into South Asia. The company's CEO, Khalid Keenan, highlighted Dubai's strategic location as a key factor in attracting top talent and targeting markets in Asia and MENA.

With a total investment of $10 million from renowned investors like Y Combinator and Goodwater, Elevate has quickly gained momentum since its inception. Over 50,000 freelancers from Pakistan have already signed up with the platform, with plans to onboard 500,000 more to enhance their business prospects in the USA and other developed markets.

Simplifying Payments for Freelancers

Elevate's core mission is to streamline USD payments for freelancers by facilitating fast deposits from US employers and platforms such as Upwork. Additionally, the company offers a virtual debit card for online transactions and competitive foreign exchange rates for remittances. Partnering with Bangor Savings Bank ensures that customer deposits are protected up to $250,000, benefiting individuals in countries like Pakistan, Bangladesh, and the Philippines.

Addressing Payment Challenges in Pakistan

Despite the growth in Pakistan's IT sector, many companies and freelancers encounter difficulties with payments, leading some to consider establishing a presence in Dubai for smoother transactions. Pakistan's IT exports hit a record monthly high of $310 million in April 2024, yet unresolved payment gateway issues continue to hinder further expansion. Efforts to introduce platforms like Paypal have faced obstacles, delaying potential solutions.

Conclusion

Elevate's funding success and strategic positioning in Dubai mark a significant milestone in the fintech industry, offering innovative solutions to empower freelancers in emerging markets. As the company continues to grow and expand its services, it aims to bridge payment gaps and enhance financial inclusivity for individuals worldwide.