Fintech raises $5m for business expansion

LAHORE:

Elevate, a fintech based in London and Dubai, has secured financing of $5 million to further expand its footprint in South Asia.

It has raised a total of $10 million in equity and debt from investors including Y Combinator, Goodwater, Global Founders Capital and VSQ. Since the launch earlier this year, over 50,000 freelancers and remote workers from Pakistan have signed up.

Having received an unprecedented response from freelancers in a very short span of time, Elevate is looking at registering over 500,000 Pakistani freelancers and remote workers to help them increase their business share in the US and other developed markets. Elevate simplifies the receipt of US dollar payments by supporting free and fast deposits from the US and international employers as well as platforms like Upwork, Fiverr, Paypal, Deel and Toptal. Online spending is enabled through a virtual debit card and for sending money home market leading forex rates are offered.

Elevate CEO Khalid Keenan said, “Freelancing and remote work is going to be a key source of foreign income for emerging markets. Platforms like Upwork, Fiverr and Deel have empowered talent from countries like Pakistan to compete on a global scale and earn in USD.” “Our mission is for freelancers and remote workers to quickly and easily get paid at a minimal cost so they keep as much of their hard-earned earnings as possible,” he added.

Published in The Express Tribune, June 7^th, 2024.

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