Dubai-Based Elevate Holds Pre-Series A Funding Round

London and Dubai-based fintech company Elevate has secured US$5 million in a pre-series A funding round.

Founded in 2021 by Khalid Keenan, Faris Keenan and Youcef Oudjidane, Elevate offers debit cards for online spending and applies standard foreign currency exchange rates when sending money domestically. The company also allows users to transfer money back to their local accounts for a fixed fee.

Elevate aims to provide a financial solution to address common challenges faced by freelance professionals.

The platform facilitates effortless payments from US and international employers and major freelancing platforms such as Upwork, Maqsam, PayPal, Deel, and Toptal.

Elevate claims to have attracted over 150,000 users from Asia and North Africa. The newly raised funds will support the company’s expansion into the Middle East and Africa.