Elevate, a fintech company with bases in London and Dubai, announced that it has successfully raised $5 million in a pre-Series A funding round. Founded in 2021 by Faris Keenan, Khalid Keenan, and Youcef Oudjidane, Elevate provides financial solutions for remote workers and freelancers in emerging markets, helping them manage their finances more effectively.
Since its launch, Elevate has garnered over 150,000 users from Asia and North Africa. The newly acquired funds will support its expansion into the Middle East and Africa.
As the freelance and remote working community in the MENA region continues to grow, Elevate aims to provide robust financial solutions to address common challenges faced by these professionals. The platform allows users to receive payments seamlessly from U.S. and international employers and major freelancing platforms such as Upwork, Maqsam, Paypal, Deel, and Toptal.
Elevate’s services include issuing debit cards for online spending and offering market-leading foreign exchange (FX) rates for sending money home. The company enables users to transfer funds back to their local USD accounts for a flat fee of $10. Deposits 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 unprecedented security for residents in countries such as Egypt, the Philippines, Pakistan, and Bangladesh.
“The rise of remote work and freelancing is transformative 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.”
Many residents in emerging markets have faced 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. This service is particularly crucial for remote workers and freelancers seeking to protect their earnings amidst local currency fluctuations.
The company has ambitious plans for the future, including expanding into additional emerging markets and introducing new financial products such as savings and investment accounts. Elevate aims to continuously reduce costs and enhance the financial products available to its users. With a focus on compliance, customer-centric solutions, and a commitment to financial inclusion, Elevate is dedicated to both protecting wealth and enabling growth.
