Elevate Secures $5-Million Funding to Aid Filipino Freelancers

Financial technology startup Elevate has raised additional funding worth $5 million (almost P293 million) to expand its operations and cater to more freelancers in the Philippines. The platform simplifies the process for self-employed workers to receive payments in U.S. dollars (USD), allowing quick and free-of-charge deposits from American and international employers, as well as platforms commonly used by freelancers like Upwork, Fiverr, Paypal, Deel, and Toptal.

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Elevate, headquartered in London and Dubai, offers competitive foreign exchange (FX) rates for freelancers seeking to transfer their assets from USD accounts to Philippine-based banks by tapping global providers. Besides this, the fintech platform enables users to have a MasterCard debit card for online spending.

"We are thrilled to bring our innovative financial solutions to the Philippines, a market with a burgeoning freelance community,” Khalid Keenan, CEO of Elevate, said. "Our goal is to empower freelancers by providing them with secure, efficient services and the best USD-peso FX rates that address their unique needs."

Unlike other electronic money (e-money) accounts, Elevate provides FDIC-insured accounts, giving freelancers and self-employed workers the security that their funds—up to $250,000—are protected in case of bank failure. This is made possible through its partnership with Bangor Savings Bank, one of the largest banks in Maine, with more than $7 billion in assets. Elevate claims to be the only service allowing individuals in the Philippines to open FDIC-insured U.S. bank accounts.

The latest capital brings Elevate's total equity and debt from investors to $10 million. Elevate, launched in early 2024, is backed by Y Combinator, a technology startup accelerator in Mountain View, California. Its venture into the Philippines comes as the country is emerging as a hotspot for remote work, with around 1.5 million Filipinos registered on international freelancing platforms. Elevate says it is looking to expand its customer support, content, and compliance teams in the Philippines later this year.