Elevate’s entry to the Philippines is focused on empowering freelancers by offering them secure, efficient services and competitive US dollar-to-peso exchange rates
Elevate, a Y-combinator-backed fintech startup headquartered in London and Dubai, has secured US$5 million in funding. This investment will fuel the expansion of its operations in the Philippines, aimed at providing increased support to the increasing community of freelancers and remote workers.
Since 2021, they’ve raised a total of $10 million in equity and debt from investors, including Y Combinator, Goodwater, Global Founders Capital and VSQ. Elevate’s product launch in the Philippines aims to address the financial challenges faced by Filipino freelancers.
‘We are thrilled to bring our innovative financial solutions to the Philippines, a market with a burgeoning freelance community,’ said Elevate’s chief executive officer (CEO) Khalid Keenan.
According to Keenan, Elevate’s entry to the Philippines is focused on empowering freelancers by offering them secure, efficient services and competitive US dollar-to-peso exchange rates tailored to their specific requirements.
Elevate’s innovative platform is designed to simplify the process for freelancers in the Philippines to receive payments in US dollars (USD). It supports free and fast deposits from US and international employers and popular platforms like Upwork, Fiverr, PayPal, Deel, and Toptal.
For those transferring assets from USD accounts to Philippine-based banks, the platform offers the most competitive foreign exchange (FX) rates in the market, Keenan added.
By partnering with multiple large global FX providers integrated with banks in the Philippines, the platform ensures access to the best rates available, making it a cost-effective solution for maximizing earnings.
In addition to facilitating USD transfers, Elevate offers a Mastercard debit card that users can utilize for online spending.
A key differentiator for Elevate is its partnership with its sponsor bank, Bangor Savings Bank, a 172-year-old institution based in Maine, USA, with over $7 billion in assets.
Unlike other electronic money accounts such as Wise and Payoneer, Elevate accounts are FDIC-insured through Bangor Savings Bank, providing users with the security of knowing their funds are protected up to $250,000 in the event of bank failure.
This partnership makes Elevate the only service enabling individuals in countries like the Philippines, Pakistan, and Bangladesh to open FDIC-insured U.S. bank accounts.
‘The introduction of FDIC-insured accounts through our sponsor bank, Bangor Savings Bank, is set to revolutionize the financial landscape for Filipino freelancers, offering the unprecedented security and convenience of managing their international earnings,’ he added.
Since its launch in early 2024, Elevate has already attracted over 150,000 users globally, highlighting the strong demand for its services among freelancers and remote workers.
With 1.5 million Filipinos registered on online international freelancing platforms and an additional 1.3 million working in Business Process Outsourcing (BPOs), mostly for US companies, the Philippines is a hotspot for remote work.
Notably, in 2023, the Philippines surpassed India, the US,Brazil, and other countries to become the leading country for workers on Deel, a popular remote work platform.
The Asia-Pacific region, including the Philippines, has been the fastest-growing area for remote work, alongside EMEA(Europe, the Middle East and Africa).
Looking ahead, Elevate plans to expand its customer support, content, and compliance teams in the Philippines from the third quarter to the fourth quarter of this year.
The company also anticipates significant demand from other tech-savvy, educated workforces in Indonesia, Malaysia, Vietnam, and Thailand, as remote work continues to offer new opportunities across Southeast Asia.