A tech startup, Elevate, has entered the Pakistani market to resolve the payment issues of freelancers in Pakistan, Business Recorder reported.

Elevate’s entry into the Pakistani market signifies a “new era for freelancers and remote workers,” CEO Khalid Keenan said in a statement.

Formerly, Bloom, the fintech venture is backed by American technology startup accelerator Y Combinator. It has raised more than $6 million to date, has now officially gone live in Pakistan.

It was first launched in Egypt. The company, which is also situated in the UK and the US, is designed to empower freelancers and remote workers to open US bank accounts through a strategic partnership with Bangor Savings Bank, a reputable US-based institution boasting over $7 billion in assets.

“Our commitment to transparent pricing and the best FX rates set us apart from the competition, making Elevate the go-to platform for global payments, so now you can receive dollars from anywhere in the world without any hassle,” Keenan added.

Growth Lead at Elevate Khalil Osman, who is based in Dubai, told Business Recorder a sizeable part of Pakistan’s workforce is in freelance endeavors, totaling around three million individuals.

“This sector generates an impressive annual revenue exceeding $400 million, and these figures continue to ascend,” he said and added that the invaluable contributions of such freelancers play a pivotal role in fortifying the Pakistani workforce ecosystem.

Freelancers and remote workers grapple with distinct challenges in receiving payments in Pakistan.

The company, founded by experts from people belonging to Yemen and Algeria, was hopeful of performing well in the country.

“Team members also bring extensive expertise in the fintech space, drawn from their professional experience at renowned companies such as Visa, Goldman Sachs, Citi, and PNC Bank,” said the company statement.

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Elevate has opened thousands of USD accounts, processing over $500,000 in monthly deposits, showing month-on-month deposit growth of 100%.

“All accounts are FDIC insured, guaranteeing the full protection of funds up to $250,000, providing users with comprehensive financial security,” the company said.

“For instance, unlike counterpart Payoneer, which may impose up to a 1% fee on inbound funds, if $2,000 is sent to a user’s Elevate account, they will receive the entirety of that $2,000. Virtual USD Mastercard debit cards are also issued, enabling users to make online purchases globally.”