Elevate, a Fintech venture backed by Y Combinator that has raised over US$ 6 million to date and was initially launched in Egypt, has now officially gone live in Pakistan.
This transformative platform is designed to empower freelancers and remote workers, offering them the capability to seamlessly open US bank accounts through a strategic partnership with Bangor Savings Bank, a reputable US-based institution boasting over US$ 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 US$ 500,000 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 US$ 250,000, providing users with comprehensive financial security.
Elevate stands out by providing a completely free platform without any deductions on funds or subscription fees. Elevate offers favorable foreign exchange (FX) rates, providing users with a guaranteed spot rate (interbank USD rate). This ensures cost-effective transfers back to the local PKR currency.
“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 previous unimaginable. Our commitment to transport 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,” said Khalid Keenan, Co-Founder & CEO of Elevate.
By providing a reliable and innovative platform, Elevate seeks to empower Pakistani freelancers, enabling them to focus on their craft without the hindrance of payment intricacies.
Source: Being Guru