Fintech ‘Elevate’ to Register Over 500,000 Pakistani Freelancers to Boost Business Growth

Elevate, a fintech company based in London and Dubai has raised $5 million in financing to extend further into South Asia. This brings their total funding to $10 million, with contributions from investors such as Y Combinator, Goodwater, Global Founders Capital, and VSQ. It was launched earlier this year. Since then, Elevate has seen over 50,000 Pakistani freelancers and remote workers sign up, contributing to a total of more than 150,000 users. Due to the strong response from Pakistani freelancers, Elevate aims to register over 500,000 freelancers and remote workers from Pakistan.

The fintech company wants them to help increase their business presence in the USA and other developed markets. Elevate facilitates receiving USD payments by allowing free and fast deposits from US and international employers, including platforms like Upwork, Fiverr, Paypal, Deel, and Toptal. Moreover, users can spend online through a virtual debit card, and send money home with market-leading FX rates.

Elevate Fintech To Register 0.5m Pakistani Freelancers

According to the sources, customer deposits are held with Bangor Savings Bank, a 172-year-old bank in Maine, USA. It acts as the deposit-taking institution and card issuer. As an FDIC member, Bangor Savings Bank insures customer deposits up to $250,000. It makes Elevate the only service allowing people in countries like Pakistan, Bangladesh, and the Philippines to open an FDIC-insured US bank account.

Khalid Keenan, CEO of Elevate, stated that freelancing and remote work will be a fundamental source of foreign income for emerging markets. He underscored that platforms like Upwork, Fiverr, and Deel have assigned talent from countries like Pakistan to compete globally and earn in USD. Unlike existing platforms such as Payoneer, which charge high fees, Elevate’s task is to enable freelancers and remote workers to get paid quickly and easily with minimal costs, allowing them to retain more of their earnings.

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