Elevate Pay provides freelancers and remote workers with USD accounts to easily receive, send, and hold international earnings. The platform integrates with major freelancing marketplaces to offer free deposits and competitive conversion rates. Users gain access to a secure digital wallet for managing global income streams outside traditional banking systems.
Funding
$12M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
NGFounders
Product
Problem
Freelancers and remote workers in emerging markets face challenges in receiving USD payments due to high fees, unfavorable exchange rates, and limited access to traditional banking services. Cross-border transactions can be costly and complex, reducing the actual earnings they take home.
Solution
Elevate Pay provides a mobile banking app that enables freelancers and remote workers to receive, manage, and send USD payments through an FDIC-insured account. Users receive a US-based, ACH-enabled account, allowing them to receive payments from clients and freelancing platforms as if they were local US residents. The platform offers transparent currency conversion with real-time rates and low fees, ensuring users save up to 5x when sending money home. Elevate Pay aims to provide a seamless and cost-effective solution for managing USD earnings, specifically tailored for individuals in Bangladesh, Pakistan, Egypt, and the Philippines.
Target Audience
The primary target audience includes freelancers, remote workers, and digital nomads in emerging markets like Bangladesh, Pakistan, Egypt, and the Philippines who need a reliable and cost-effective solution for managing USD payments.
Features
- FDIC-insured USD accounts provided by Bangor Savings Bank, with deposits insured up to $250,000
- Receive USD via ACH and Wire transfers
- Real-time currency converter with transparent pricing and low FX rates
- Biometric security features including Face ID and Touch ID
- Two-Factor Authentication (2FA) for enhanced security
- Real-time transaction notifications
- Virtual cards
- Integration with Apple Pay