Fintech Company Elevate Secures USD 5 M Pre-Series A To Expand Into South Africa

Elevate, a San Francisco-based fintech company, has announced a USD 5 M equity-debt pre-Series A round led by Negma Ventures, a Dubai-based investment fund. The fintech, which already provides US-based banking services to non-US residents from Bangladesh, Egypt, the Philippines, and Pakistan, intends to use the funds to expand its operations into South Africa, Turkey, and countries in South Asia and Southeast Asia.

Elevate, formerly known as Bloom, offers FDIC-insured US bank accounts to its users, allowing remote workers to receive their pay directly into their US bank accounts. Users can use debit cards to purchase and transfer funds to their domestic bank accounts. These services and products are provided in partnership with sponsor bank Bangor Savings Bank.