Dubai-based fitnech Elevate has secured $5 million in a pre-Series A funding round which it will use to further its expansion into the Middle East and Africa as it looks to tap into the region’s freelance boom.
As the MENA region’s freelance and remote working community continues to expand, Elevate is aiming to address the common challenges faced by these professionals, paricularly when it comes to receiving payments from U.S. and international employers, as well as from major freelancing platforms.
Its offering includes debit cards for online spending and it provides competitive foreign exchange (FX) rates for sending money home. The company allows users to 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 held with Bangor are FDIC-insured up to $250,000, providing security for residents in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.
Speaking on the milestone, Khalid Keenan, CEO of Elevate said: “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 minimising fees and simplifying the process.”
Many residents in emerging markets have struggled with significant currency devaluation over the past five years, leading to a loss of purchasing power. Elevate provides a reliable means to receive and hold USD, a service that is particularly crucial for remote workers and freelancers who seek to protect their earnings amidst local currency fluctuations.
