–  Elevate, a fintech company based in London and Dubai, secured $5 million in a pre-series A funding round. This funding will support the expansion of its services into the Middle East and Africa, building on its existing user base of over 150,000 from Asia and North Africa.

–  Elevate provides a comprehensive financial platform for freelancers and remote workers, including debit cards for online spending and favorable foreign exchange rates for sending money home. Funds in Elevate accounts are held with Bangor Savings Bank in Maine, USA, and are FDIC-insured up to $250,000, ensuring high security for users in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.

– CEO Khalid Keenan emphasizes Elevate’s mission to minimize fees and simplify the process for freelancers and remote workers to receive and manage USD payments. The company plans to expand into additional emerging markets and introduce new financial products, such as savings and investment accounts, to continuously drive down costs and enhance financial inclusion.

Elevate, the fintech company based in London and Dubai, has secured $5 million in a pre-series A funding round.

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.

Since its launch earlier this year, Elevate has attracted over 150,000 users from Asia and North Africa. The new funds will support its expansion into the Middle East and Africa.

As the MENA region’s freelance and remote working community grows, Elevate aims to provide robust financial solutions to address common challenges faced by these professionals. The platform enables users to receive payments effortlessly from U.S. and international employers, as well as from major freelancing platforms such as Upwork, Maqsam, PayPal, Deel, and Toptal.

Elevate’s services include debit cards for online spending and market-leading foreign exchange (FX) rates for sending money home. Users can 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.

This partnership ensures that all customer deposits are FDIC-insured up to $250,000, providing unprecedented security for residents in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.

“The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa,” said Khalid Keenan, CEO of Elevate.

“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.”