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San Francisco Fintech Elevate Secures $5 Million to Expand Into Africa

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Elevate, a fintech company specializing in US banking services for non-resident remote workers, announced today the closing of a $5 million equity-debt pre-Series A funding round led by Negma Ventures, a Dubai-based investment firm.
The funding will fuel Elevate’s expansion into new markets across South Africa, Turkey, and key regions in South Asia and Southeast Asia.
The company anticipates strong demand in Indonesia and Malaysia in Q3, followed by Vietnam and Thailand.

“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.
“Our key metrics point to a significant opportunity in Southeast Asia, where millions of remote workers require efficient financial tools.”

Formerly known as Bloom, Elevate offers FDIC-insured US bank accounts through a partnership with sponsor bank Bangor Savings Bank.
This allows remote workers to receive payments directly, make purchases with debit cards, and transfer funds internationally.

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.
This latest funding round brings the company’s total capital raised to $10 million since 2021, with investments from Y Combinator, Visa, Goodwater, VSQ, and Negma Group.

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