Fintech Elevate Secures $5M to Empower Filipino Freelancers

London and Dubai - Elevate, a financial technology startup, has successfully funded $5 million to extend its platform in the Philippines, with a focus on the burgeoning freelancing community. Elevate intends to use this money to offer secure, efficient financial services to Filipino freelancers, including FDIC-insured dollar accounts, which will ensure the safety and convenience of overseas profits.

Khalid Keenan, CEO of Elevate, highlighted his excitement about the development, saying, “We are happy to deliver our unique financial solutions to the Philippines, a region with a thriving freelance community. Our mission is to empower freelancers by offering safe, efficient services and the finest USD-peso foreign exchange rates that meet their specific requirements.”

Bangor Savings Bank, a 172-year-old institution in Maine, USA, with assets totaling more than $7 billion, sponsors the fintech startup. This arrangement ensures that Elevate accounts are FDIC-insured up to $250,000, providing unparalleled protection to Filipino freelancers.

Elevate's platform will let Filipino freelancers get compensation in US dollars by allowing for easy and rapid deposits from US and worldwide companies. The solution is compatible with prominent platforms like Upwork, Fiverr, PayPal, Deel, and Toptal. The website aims to reach 1.5 million Filipinos who are registered on foreign freelancing sites, as well as an additional 1.3 million who work for business process outsourcing businesses.

“The Asia-Pacific region, including the Philippines, has been the fastest-growing area for remote work, alongside Europe, the Middle East, and Africa,” said Elevate. The business also anticipates strong demand from Indonesia, Malaysia, Vietnam, and Thailand, fueled by continuous remote job prospects.

To improve the customer experience, Elevate will collaborate with numerous global foreign exchange providers that are connected with Philippine banks to offer competitive rates for moving assets from dollar accounts to local banks. Elevate also gives a Mastercard debit card for online purchases.

In order to better serve its consumers, the firm intends to grow its customer service, content, and compliance teams in the Philippines throughout the later part of the year. Elevate has gained over 150,000 worldwide users since its launch.

This latest fundraising round adds to Elevate's outstanding financial support, as the firm has raised a total of $10 million in stock and debt from investors since 2021. Notable investors include Y Combinator, Goodwater, Global Founders Capital, and VSQ.

Elevate's launch into the Philippine market is a big step forward in providing trustworthy and innovative financial solutions to the local freelancing sector, establishing a new benchmark for security and efficiency in handling overseas revenues.

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