Global funding of $5 million, a mix of debt and equity, granted to Dubai's Elevate, enabling them to provide USD accounts for distant workers in developing markets.
Dubai-headquartered fintech Elevate has secured $5 million in a pre-Series A round, setting the stage for its international expansion in 2025. The company plans to enter new markets, including Saudi Arabia, France, and the United States, as part of its strategic growth strategy.
Initially founded as Sudanese-fintech Bloom, Elevate has since pivoted to offer global USD accounts to remote workers in emerging markets. The fintech company has already established a strong presence in Egypt, Pakistan, Bangladesh, and the Philippines, serving over 150,000 people with its services.
The funding for this growth was provided by the UAE's Negma Group. Elevate's public launch in these markets, as well as in Bangladesh and the Philippines, took place earlier this year.
Elevate differentiates itself from competitors like Payoneer and Wise by offering better exchange rates for its markets. The company aims to consolidate its position in the UAE while establishing new operations in Saudi Arabia and launching pilot programs in France and the US.
In its expansion, Elevate will leverage strategic partnerships to enter these markets, following a similar path taken by other innovative startups in the region. The company offers U.S.-based banking services through a partnership with Bangor Savings Bank.
However, further details about Elevate's exact expansion plan or target countries beyond Saudi Arabia, France, and the US were not found in the search results. The move aligns with the broader regional trend of fintech startups scaling rapidly amid a surge in startup funding and support from government-backed accelerators and ecosystem initiatives in Dubai.
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