New Investments
San Francisco Fintech Elevate Secures $5 Million to Expand Into Africa
“This fresh capital injection allows us to meet the growing needs of a global remote workforce seeking secure and cost-effective banking solutions,” said Elevate CEO Khalid Keenan.
Formerly known as Bloom, Elevate offers FDIC-insured US bank accounts through a partnership with sponsor bank Bangor Savings Bank.
Elevate initially explored local USD accounts but ultimately opted for US-based insured accounts due to the absence of payment receipt fees and enhanced security benefits.
“We prioritize the safety and affordability of our services,” explained Keenan. “Remote workers can choose between an FDIC-insured account for dollar savings or a riskier e-wallet option. We differentiate ourselves from services like Payoneer by eliminating high FX rates and offering FDIC insurance.”
Elevate aims to provide competitive exchange rates similar to Wise and negotiate better terms for remote workers.
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