Elevate, a fintech startup backed by Y Combinator and headquartered in London and Dubai, has secured $5 million in funding to expand its operations in the Philippines.
Since 2021, they have raised a total of $10 million from investors including Y Combinator, Goodwater, Global Founders Capital, and VSQ. Elevate aims to address financial challenges for Filipino freelancers through its innovative platform.
Elevate and Filipino Freelancers
The platform simplifies USD payments for freelancers in the Philippines, supporting quick deposits from US and international employers and platforms like Upwork, Fiverr, PayPal, Deel, and Toptal. It offers competitive foreign exchange rates when transferring funds to Philippine banks by partnering with global FX providers integrated with local banks, ensuring cost-effective solutions.
In addition to facilitating USD transfers, the fintech startup provides a Mastercard debit card for online spending. CEO Khalid Keenan expressed excitement about empowering freelancers with secure and efficient financial services tailored to their needs.
A key feature here is the partnership with Bangor Savings Bank, offering FDIC-insured accounts up to $250,000, a security measure unavailable with other platforms like Wise and Payoneer. This makes Elevate the sole provider enabling individuals in countries such as the Philippines, Pakistan, and Bangladesh to open FDIC-insured US bank accounts.
Will Elevate‘s FDIC-insured USD accounts for freelancers set a new standard for financial security in emerging markets?