Elevate, a revolutionary fintech startup founded in Sudan, aims to bring financial tools to freelancers and virtual employees worldwide. Initiated with the backing of Y Combinator in early 2022, Elevate uses a unique payment gateway to alleviate issues freelancers and remote workers encounter with international transactions.
With an array of services including an e-wallet, virtual card system, and a transparent exchange rate system, Elevate strives to meet the varied needs of its global customers. As the world adapts to new work norms, Elevate’s innovative fintech solutions are breaking geographical barriers and opening up opportunities for economic growth.
The venture’s founders previously worked with known corporations like Amazon, Meta, IBM, and Goldman Sachs. Their initial aim was to aid the Sudanese community against the detrimental effects of currency deflation. They used their collective expertise to launch a series of innovative services, all tied to the U.S. dollar, to shield individual and corporate wealth in Sudan from rapid currency devaluation.
Considering the financial challenges plaguing their country, Elevate introduced high-income saving accounts that offer substantial returns. They also eliminated excessive fees associated with international transactions, facilitating seamless and cost-effective money transfers.
Elevate: supporting global freelancers financially
They’ve championed transparent, secure, and instant transactions, providing a lifeline for those dealing with unstable local currencies.
Elevate’s solution has been a boon for individuals in countries like Sudan, Ethiopia, Uganda, and Tanzania, providing a safe and stable platform to manage their finances amidst drastic fluctuations of their local currencies. The startup has become popular among users receiving remittances from abroad, offering them an easy way to store and use these funds and keeping them secure from the irregularities of the Forex market.
Political instability in Sudan and Ethiopia and the increasing amount of freelance work across Africa led Elevate to shift their strategy. They recognised the need to cater to those who rely heavily on affordable international transactions. Hence, Elevate designed a robust platform for freelancers and remote workers, minimising transaction costs, and providing stable income channels from both local and international sources.
With its focus redirected, Elevate now offers U.S.-linked USD accounts, facilitating secure ACH payments and providing benefits associated with U.S. banking options like FDIC insurance. In doing so, Elevate revolutionises how freelancers handle their finances, expanding their customer base and ensuring their money is safe and protected.
Despite political unrest in Ethiopia and escalating conflict in Sudan, Elevate continues to concentrate its resources to accommodate markets with substantial freelancing and remote workforce sectors, striving to solve payment-related issues frequently encountered by these groups.
