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Elevate Secures $5M to Expand into South Africa, Turkey, The Middle East

Elevate, a fintech company based in San Francisco, London, and Dubai, has secured $5 million in a pre-Series A round. 

Negma Ventures, a Dubai-based investment fund, led the round. The funds will fuel Elevate’s expansion into South Africa, Turkey, and the Middle East.

The fintech already offers US-based banking services to non-US residents from countries like Bangladesh, Egypt, the Philippines, and Pakistan. 

Elevate has attracted over 150,000 users from Asia and North Africa since its launch earlier this year. The company expects strong demand from Indonesia, Malaysia, Vietnam, and Thailand in the third quarter.

The fintech provides FDIC-insured US bank accounts to remote workers. Users can receive payments from US and international employers, as well as freelancing platforms like Upwork, Maqsam, Paypal, Deel, and Toptal. 

Moreover, it offers debit cards for online spending and competitive FX rates for sending money home. Users can transfer funds to local USD accounts for a flat fee of $10.

Funds deposited in Elevate accounts are held with Bangor Savings Bank, ensuring FDIC insurance up to $250,000. This provides significant security for users in countries facing currency devaluation. 

Also Read: Morocco’s Fintech Firm NAPS partners with Mastercard to Develop Innovative Payment Solutions

Elevate Simplifying Payments for Remote Workers

Khalid Keenan, CEO of Elevate, emphasized the importance of minimizing fees and simplifying the payment process for remote workers.

“The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa.

“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.”

Elevate’s goal is to offer low-cost FX transfers, contrasting with services like Payoneer that charge high rates and lack FDIC insurance. 

Since 2021, Elevate has raised $10 million from investors including Y Combinator, Visa, Goodwater, VSQ, and Negma Group.

Elevate generates revenue from net interest income, FX, and card interchange. The company plans to launch savings and investment products soon. 

It aims to drive down costs and enhance its financial offerings. Elevate partners with freelancing platforms and payroll providers like Deel to access their customer base.

With a focus on compliance, customer-centric solutions, and financial inclusion, Elevate is set to protect wealth and enable growth for remote workers and freelancers in emerging markets.