The Elevate team
Elevate, a consumer fintech startup based in London and Dubai, has secured US$5 million in venture debt from Middle East-based Negma Ventures.
The fintech firm, which provides US-based banking services to non-US residents from Bangladesh, Egypt, the Philippines, and Pakistan, will use the capital to expand its business to South Asia and Southeast Asia.
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“There are 1.5 million Filipinos registered on online international freelancing platforms, and 1.3 million Filipinos work in BPOs, mostly for US companies. In 2023, the Philippines had the most workers registered with US-based payroll provider Deel,” said Khalid Keenan, CEO of Elevate.
“The Philippines is the leading example. Starting Q3, we expect to see a significant demand from Indonesia and Malaysia due to their highly educated, tech-savvy workforce that will want to take advantage of the opportunities offered by remote work. Vietnam and Thailand will soon follow. These are some key metrics as to why we want to expand heavily into Southeast Asia,” he said, explaining the rationale behind Asia expansion.
Originally started in 2021 by Keenan and Youcef Oudjidan, Elevate (formerly known as Bloom) provides people in Bangladesh, Egypt, the Philippines, and Pakistan with FDIC-insured US bank accounts. This enables remote workers to receive their wages directly into their US bank accounts, utilise their debit cards for purchases, and transfer funds to their domestic bank accounts at highly competitive rates.
Initially trying to provide local USD accounts, Elevate realised that insured accounts based in the US were superior because no money is required to receive payments. In addition, consumers receive the security historically reserved for US customers. This also simplifies receiving payments from US employers and platforms like Deel, Upwork, Toptal and Fiverr.
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Since 2021, Elevate has raised US$10 million in equity and debt from investors, including Y Combinator, Visa, Goodwater, VSQ, and Negma Group.
Elevate has established partnerships with many leading freelancing platforms and payroll providers, such as Deel, to acquire customers.
“Platforms like Deel and Upwork have enabled the surge of remote work in emerging markets, empowering talent from Manila, Lahore, Cairo, or Dhaka to compete on a global scale. However, the outdated system for remote workers to receive USD payments has posed challenges,” Khalid Keenan, CEO of Elevate.
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