Thursday June 13th, 2024
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Dubai-Based Elevate Raises $5M to Launch FDIC-Insured USD Accounts

The platform offers payment solutions for freelancers receiving payments from international employers and freelancing platforms.

John Bichara

Dubai-Based Elevate Raises $5M to Launch FDIC-Insured USD Accounts

Elevate, a fintech company operating from London and Dubai, has raised $5 million in a pre-series A funding round. Since its launch in early 2024, Elevate has garnered over 150,000 users from Asia and North Africa. The newly acquired funds will facilitate its expansion into the Middle East and Africa, catering to the region’s burgeoning freelance and remote working community. The platform offers payment solutions for freelancers receiving payments from international employers and major freelancing platforms like Upwork and Paypal.

The company's offerings include debit cards for online spending and competitive foreign exchange rates for remitting money. Users can transfer funds back to their local USD accounts for a flat fee of $10. Elevate's deposits are held with Bangor Savings Bank in Maine, USA, ensuring FDIC insurance up to $250,000 for all customer deposits. This feature provides significant financial security for residents in countries with less stable financial systems, such as Egypt, the Philippines, Pakistan and Bangladesh, which have faced severe currency devaluation issues.

"The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa," Khalid Keenan, CEO of Elevate, tells StartupScene. "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 minimizing fees and simplifying the process."

The company plans to expand into additional emerging markets and introduce new financial products like savings and investment accounts.

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