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Elevate Pay, a financial technology (fintech) player based in London and Dubai, secured $5 million for expanding the market further into South Asia including Bangladesh, said company source.
This move is expected to provide financial solution to the freelancers and remote workers.
There are around one million freelancers in Bangladesh and the country is home to a large number of remote talents, according to independent data.
Elevate Pay offers the most simplified way of receiving USD payments from the US and international employers as well as from platforms like Upwork, Fiverr, Paypal, Deel, and Toptal.
"Freelancing and remote work is going to be a key source of foreign income for emerging markets. Platforms like Upwork, Fiverr and Deel have empowered talent to compete on a global scale and earn in USD," Khalid Keenan, CEO of Elevate Pay, said.
"Our mission at Elevate Pay is for freelancers and remote workers to quickly and easily get paid at minimal cost so they keep as much of their hard-earned earnings as possible."
With its renewed focus on South Asian markets, freelancers will be able to earn more money, resulting in spillover effects on the overall economy.
When customers receive payments into their Elevate Pay accounts, the funds sit with Bangor Savings Bank, a 172-year-old bank located in Maine, the United States. Bangor Savings Bank is Federal Deposit Insurance Corp. (FDIC) insured depository institution and customer deposits are FDIC-insured up to $250,000.
This makes it the only service available for people in countries such as Bangladesh, Pakistan, and the Philippines to open an FDIC-insured US bank account.
Elevate Pay provides the most competitive conversion fees in the market meaning users can transfer their hard-earned USD back to their local accounts in Bangladesh at minimal costs. Absence of subscription fees ensures users have an all-round cost-effective solution to USD payments.
The founders Khalid Keenan, Youcef Oudjidane and Faris Keenan, have over 30 years combined hands-on experience in different capacities in the banking and finance sector including large banks like Santander, HSBC & SEB.
Elevate Pay has so far raised $10 million in equity and debt from different investors including Y Combinator, Goodwater, Global Founders Capital and VSQ. Over 150,000 people have already signed up with this fintech since its inception.