Elevate was started by people from countries like Yemen and Algeria who understand the difficulties that Pakistani freelancers go through. They are committed to making positive changes. The team also has a lot of knowledge in financial technology, gained from working at well-known companies like Visa, Goldman Sachs, Citi, and PNC Bank.
In Pakistan, people who work independently or from home face unique difficulties in getting paid the way they want, which makes it hard for them to achieve their career goals. This is a common problem in a market where these individuals are essential to the global workforce. Addressing this issue head-on, Elevate, a Fintech venture backed by Y Combinator that has raised over $6M to date and was initially launched in Egypt, has now officially gone live in Pakistan. This new platform aims to help freelancers and remote workers. It allows them to easily open US bank accounts by partnering with Bangor Savings Bank, a well-known US bank with over $7 billion in assets.
User-Friendly and Cost-Free
To sign up, users submit their identity documents (ID Card/Passport), along with a document verifying their local address, and provide a valid source of funds, highlighting their status as a remote worker or freelancer. In the months since going live, Elevate has successfully opened thousands of USD accounts, processing over $500k in monthly deposits, showcasing an impressive month-on-month deposit growth of 100%. All accounts are FDIC insured, guaranteeing the full protection of funds up to $250,000, providing users with comprehensive financial security.
Elevate is special because it gives you a totally free platform without taking any money from your funds or asking for subscription fees. It gives good exchange rates, making sure you get a fair rate for your money when transferring it back to Pakistani Rupees.
“Elevate’s entry into the Pakistani market signifies a new era for freelancers and remote workers, offering a level of financial freedom and flexibility that was previously unimaginable. Our commitment to transparent pricing and the best FX rates sets us apart from the competition, making Elevate the go-to platform for global payments, so now you can receive dollars from anywhere in the world without any hassle.”
– Khalid Keenan, CEO at Elevate.
Elevate’s Vision for Future
Elevate has big goals beyond just solving immediate problems. They want to change the future of remote work and freelancing worldwide, starting by helping Pakistani freelancers. Their vision is clear: to be the top banking solution for Pakistani remote workers, making it easy for them to receive payments from anywhere in the world and build wealth.
Elevate aims to empower Pakistani freelancers by offering a reliable and creative platform, so they can focus on their work without worrying about payment issues. In the future, Elevate plans to introduce new products like investments and savings accounts.
As Elevate officially launches, they are committed to a future where freelancers in Pakistan can achieve financial success without being held back by location. They promise to keep evolving and expanding their services to make transparent financial solutions a reality for freelancers and remote workers in Pakistan. Elevate is not just a platform; it’s a movement to empower people financially and bring positive change to the freelancing world.
About Elevate:
Elevate is a Y-Combinator-backed platform dedicated to empowering freelancers and remote workers. Recognizing the challenges with holding dollars, Elevate offers a simple payment solution and protects your earnings.
Elevate is making a difference for freelancers and remote workers by providing unique benefits and shaking up the usual banking rules. They’re making it easier and more affordable for people to handle their finances and make global payments smoothly.
For media inquiries, please contact:
Khalil Osman, Head of Growth & Partnerships, Khalil@elevate-pay.com
