Fintech Elevate’s New Funding To Streamline USD Payments For Filipino Freelancers
Elevate, a Fintech startup supported by Y Combinator, has announced a successful $5 million funding round to bolster its operations in the Philippines, bringing its total raised since 2021 to $10 million.
This recent influx from backers such as Y Combinator, Goodwater, Global Founders Capital, and VSQ aims to enhance financial solutions for the Filipino freelance market.
Elevate has developed a platform that significantly eases the process for Filipino freelancers to receive payments in US dollars from employers across various international and US-based platforms including Upwork, Fiverr, PayPal, Deel, and Toptal.
The service not only facilitates free and swift deposit transfers but also boasts competitive foreign exchange rates by partnering with major global FX providers and local banks.
A standout feature of Elevate’s service is its Mastercard debit card, which permits online spending and streamlined USD to Philippine peso transactions, promising the best market rates to maximize freelancer earnings.
This is part of Elevate’s broader strategy to support the burgeoning freelance community in the Philippines by offering efficient, secure financial services tailored to their needs.
Further distinguishing Elevate in the financial technology space is its partnership with Bangor Savings Bank in Maine, USA, a 172-year-old institution managing over $7 billion in assets.
This collaboration provides Elevate users FDIC-insured accounts, ensuring protection of funds up to $250,000, which is a significant advantage over competitors like Wise and Payoneer.
Since its inception in early 2024, Elevate has attracted over 150,000 global users, reflecting the high demand for such specialized services among freelancers and remote workers.
The Philippines, with 1.5 million freelancers registered on international platforms and an additional 1.3 million in BPO sectors, has emerged as a critical market for remote work, surpassing traditional leaders like India and the US in 2023.
Looking forward, Elevate plans to expand its customer support, content, and compliance teams in the Philippines later in 2024 and anticipates growing demand in other Southeast Asian countries with tech-savvy workforces such as Indonesia, Malaysia, Vietnam, and Thailand, as remote work opportunities continue to expand across the region.
