YC-backed Elevate secures $5m to expand into South Africa, Turkey
TLDR
- Elevate secures $5 million funding round led by Negma Ventures for expansion into South Africa, Turkey, and South/Southeast Asia.
- CEO Khalid Keenan anticipates strong demand from Indonesia, Malaysia, Vietnam, and Thailand in the third quarter.
- Expansion is driven by region's digital adoption growth and increasing demand for accessible financial services among unbanked individuals.
Elevate, a San Francisco-based fintech company has secured a $5 million equity-debt pre-Series A round led by Dubai-based Negma Ventures. Elevate currently offers US-based banking services to non-US residents from Bangladesh, Egypt, the Philippines, and Pakistan.
The new funds will support the company’s expansion into South Africa, Turkey, and countries in South Asia and Southeast Asia. CEO Khalid Keenan emphasized strong anticipated demand in the third quarter from Indonesia and Malaysia, followed by Vietnam and Thailand.
Key metrics supporting this expansion include the region's growing digital adoption and the significant number of unbanked or underbanked individuals seeking accessible financial services.
Key Takeaways
Since its launch in early 2024, Elevate has rapidly gained traction, attracting over 150,000 users globally. This underscores the strong demand for its banking services among freelancers and remote workers. The Philippines, a significant hub for remote work, has 1.5 million Filipinos on online freelancing platforms and an additional 1.3 million in the BPO sector, predominantly serving US companies. In 2023, the Philippines surpassed major countries like India, the United States, and Brazil to become the top country for workers on Deel, a prominent remote work platform. The Asia-Pacific region, including the Philippines, alongside Europe, the Middle East, and Africa (EMEA), has emerged as the fastest-growing area for remote work.
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