Elevate, a London and Dubai-based fintech company, has recently obtained $5 million in funding to bring a revolutionary financial solution to Filipino freelancers. The startup aims to provide a platform that allows digital nomads, who typically have clients overseas, to easily receive payments in US dollars.
Partnering with Bangor Savings Bank, a leading American financial institution with over $7 billion in assets, Elevate has introduced a unique financial product. One of the key features of this platform is the introduction of FDIC-insured accounts, ensuring that freelancers’ funds are protected for up to $250,000.
“The launch of FDIC-insured accounts through our sponsor bank, Bangor Savings Bank, will transform the financial landscape for Filipino freelancers,” said Elevate CEO Khalid Keenan. This new offering provides freelancers with unmatched security and convenience in managing their international earnings.
According to data from the Department of Information and Communications Technology, this groundbreaking financial solution has the potential to benefit approximately four million Filipino freelancers. With the growing popularity of freelancing in the country, Elevate’s platform comes at a crucial time when reliable and efficient payment options are in high demand.
By addressing the specific needs of Filipino freelancers, Elevate aims to
empower them to thrive in the ever-expanding global talent economy. With this innovative financial solution, freelancers can overcome barriers and focus on what they do best – delivering exceptional services to their clients worldwide.