Y Combinator-Backed ‘Elevate’ Debuts in Pakistan Offering Alternative to Wise And Payoneer

Founded by members hailing from nations such as Yemen and Algeria and intimately familiar with the challenges faced by Pakistani freelancers, Elevate is dedicated to redefining the landscape overall. Team members also bring extensive expertise in the fintech space, drawn from their professional experience at renowned companies such as Visa, Goldman Sachs, Citi, and PNC Bank. iOS link to App Android link to App In Pakistan, freelancers and remote workers grapple with distinct challenges in receiving payments aligned with their professional aspirations, posing a persistent hurdle in a market where they play a crucial role in the global workforce. Addressing this issue head-on, Elevate, a Fintech venture backed by Y Combinator that has raised over $6M 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 $7 billion in assets. 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 $500k 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 $250,000, providing users with comprehensive financial security. Elevate distinguishes itself by offering a completely free-to-use platform, abstaining from any deductions on funds entering the Elevate account or monthly subscription fees. For instance, unlike the fintech counterpart Payoneer, which may impose up to a 1% fee on inbound funds, if $2000 is sent to a user’s Elevate account, they will receive the entirety of that $2000. Virtual USD Mastercard debit cards are also issued, enabling users to make online purchases globally. Moreover, Elevate offers favorable foreign exchange (FX) rates, providing users with a guaranteed spot rate (interbank USD rate) superior to that of UK-based fintech Wise. This ensures cost-effective transfers back to the local PKR currency. Khalid Keenan, CEO at Elevate. said Elevate’s ambition extends beyond addressing immediate challenges, aiming to redefine the future of remote work and freelancing on a global scale, starting with the distinctive needs of Pakistani freelancers. The vision is clear – to become the go-to offshore banking solution for all Pakistani remote workers, offering a straightforward pathway for receiving payments and creating wealth from any corner of the world. 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. Looking ahead, Elevate has several upcoming products in its pipeline including equity investments and savings accounts. As Elevate steps into this official launch, the vision is set on a future where geographical constraints are no longer impediments to financial success for freelancers in Pakistan. The commitment is unwavering – constant evolution, adaptation, and expansion of services to turn the vision of accessible and transparent financial solutions into a reality for Pakistani freelancers and remote workers. Elevate is more than a platform; it’s a movement toward financial empowerment and a catalyst for change in the freelancing landscape. Elevate is a Y-Combinator-backed platform dedicated to empowering freelancers and remote workers. Recognizing the challenges with holding dollars, Elevate not only provides a seamless solution for receiving global payments but also offers a unique opportunity to safeguard earnings. By offering a range of unprecedented benefits and disrupting traditional banking norms, Elevate is changing the way freelancers and remote workers manage their finances, making global payments seamless and cost-effective