Elevate Wraps Up $5 Million Pre-series A Round
The startup is set to use the money to further expand in the Middle East and Africa.
Elevate, a London and Dubai-based technology-roofed fintech firm, has closed $5 million pre-Series A funding. Elevate did not make the name of the round’s investors public.[1]
Elevate was founded in 2021 by Faris Keenan, Khalid Keenan, and Youcef Oudjidane, and since then it gained more than 150,000 users between Asia and North Africa.
The startup is set to use the money to further expand in the Middle East and Africa.
Elevate’s solution lets users receive payments from employers in the USA or freelancing platforms such as Upwork, Maqsam, PayPal, Deel, or Toptal.
In addition, debit cards are issued to users for online spending while using Elevate for international money transfers at marginal FX charges. Users can move funds back to their local USD accounts within a small transaction fee of just $10.
Money put into Elevate accounts is kept in the 172-year-old Bangor Savings Bank in Maine, USA.
Dubai stands out as a hub for entrepreneurs, offering favorable tax regimes and streamlined business registration procedures. The UAE's implementation of the Golden Visa further enhances its attractiveness to international investors, facilitating the establishment of businesses and fostering economic growth.