2024-06-19 21:19:17
Elevate Pay, a London and Dubai-based monetary expertise (fintech) agency, has just lately acquired a US$50 million funding to develop its operations within the South Asian area. Elevate Pay’s enterprise enlargement will positively impression the work of freelancers, distant employees and people working for international purchasers from numerous South Asian international locations together with Bangladesh.
In response to statistics, there are about 1 million freelancers in Bangladesh. In addition to, there are presently quite a few individuals within the nation who’re working professionally as expert employees from dwelling. Nonetheless, they face numerous issues and harassment in accepting funds in worldwide currencies, particularly in US {dollars}. Elevate Pay has provide you with options to simplify the method of receiving funds for them. With Elevate Pay, you’ll be able to simply accumulate funds in US {dollars} from employers and freelance work platforms similar to Upwork, Fiverr, PayPal, Deal and TopTall within the US and different international locations.
When prospects obtain their funds via an Elevate account, the cash will probably be deposited on the 172-year-old Bangor Financial savings Financial institution in Maine, USA. The financial institution offers deposit associated companies to Elevate prospects. As a member of the FDIC, deposits of consumers at Bangor Financial savings Financial institution are coated by FDIC insurance coverage as much as $2.5 million. Be aware that solely Elevate customers can open FDIC-insured US financial institution accounts from Bangladesh, Pakistan and the Philippines.
Elevate Pay differentiates itself from different organizations by prioritizing companies tailor-made to the wants of on-line professionals and freelancers. Elevate account customers can switch their hard-earned {dollars} to their Bangladeshi accounts at an reasonably priced value with the advantage of reasonably priced conversion charges. Additionally, Elevate has enticing conversion charges for purchasers and no subscription charges.
Khalid Keenan, chief government of Elevate Pay, stated that freelancing and distant work are going to be the principle supply of international revenue for the world’s rising markets. Platforms like Upwork, Fiver and Deal have created alternatives for expert professionals to compete within the world market and earn in US {dollars}. Our aim is to make sure that freelancers and distant employees obtain their funds in a cheap and fast and simple method. We would like them to maintain as a lot of their hard-earned cash as potential.
Elevate Pay founders Khalid Keenan, Youssef Odzidan and Faris Keenan have a mixed expertise of over 30 years in key positions within the banking and monetary sector, together with famend banks similar to Santander, HSBC and SEB. The lengthy expertise and experience of the founders are taking part in an necessary function in establishing and shifting Elevate Pay ahead.
Elevate Pay has raised a complete of $10 million in fairness and debt to this point from traders together with Y Combinator, Goodwater, International Founders Capital and VSQ. For the reason that starting of the corporate’s journey, the corporate has gained the belief of multiple and a half lakh prospects.
Elevate Pay is working primarily within the South Asian market, which can profit rising economies like Bangladesh. Simpler incomes course of for freelancers may have a optimistic impression on general economic system and international alternate reserves of the nation. In addition to, sturdy international alternate reserves will play an efficient function in countering the nation’s present greenback disaster.