Dubai’s Elevate fintech raises $5 million to capitalize on the surge in freelancing

Dubai's Elevate fintech raises $5 million to capitalize on the surge in freelancing

Fintech startup With its headquarters located in both Dubai and London, Elevate has raised an additional $5 million to expand its business and take advantage of the expanding trends in remote work and freelancing.

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For lower costs, the organization enables remote workers and freelancers to make international payments. According to a release, it intends to utilize the money to grow throughout Africa and the Middle East.

With its introduction this year, Elevate has more than 150,000 members from Asia and North Africa. It allows users to get paid by US and foreign businesses as well as freelance platforms like Upwork, Maqsam, Paypal, Deel, and Toptal.

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According to Khalid Keenan, CEO of Elevate, platforms like Upwork are allowing talent from nations like Egypt to earn in US dollars on a global scale as remote work and freelancing become more common in the region.

Nevertheless, the current methods of accepting USD payments have proven to be expensive and ineffective. Elevate’s goal is to minimize costs and streamline the process so that independent contractors and remote workers may retain as much of their hard-earned money as possible,

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Additionally, the portal provides favorable foreign exchange rates for money transfers and debit cards for online purchases. For a one-time price of $10, users can transfer money back to their local USD accounts.

Elevate account deposits are kept by Bangor Savings Bank, a 172-year-old US financial institution that also provides FDIC insurance for up to $250,000 in customer savings.

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