Aiming to disrupt the financial landscape for South Asian freelancers, fintech company Elevate has secured $5 million in funding and established its base in Dubai. This strategic location, according to CEO Khalid Keenan, offers a dual advantage: attracting top talent and facilitating expansion into other key markets.
“Dubai’s central location serves us well as we target both established markets in Asia and the Middle East and North Africa (MENA) region,” Keenan explained. “Furthermore, Dubai’s thriving startup ecosystem allows us to recruit the best minds in the industry.”
Elevate’s core service is simplifying USD payments for freelancers and remote workers. They offer free and fast deposits from US-based employers and platforms, virtual debit cards for online spending, and competitive foreign exchange rates for sending money home.
These funds are deposited with Bangor Savings Bank, a FDIC-insured institution in the United States, providing a level of security unmatched by existing services in the region. Elevate is targeting over 500,000 Pakistani freelancers alone, aiming to empower them to compete more effectively in the global marketplace.
“Our mission is to ensure freelancers keep as much of their hard-earned income as possible,” Keenan said. “We achieve this by minimizing fees and offering a secure, efficient payment solution.”
This focus on streamlined payments resonates with Pakistan’s IT sector, which has long struggled with cumbersome processes. The lack of a proper payment gateway has been a major hurdle for IT exports, despite the industry achieving a record $310 million in April 2024.
Elevate’s arrival offers a promising alternative, potentially unlocking even greater export potential for Pakistan’s booming IT industry.
