Elevate, a fintech startup based in London and Dubai, has secured an investment of $5 million aimed at expanding its presence in South Asian markets, including Bangladesh. The startup offers a simplified method for receiving USD payments from international employers and platforms such as Upwork, Fiverr, Paypal, Deel, and Toptal.

The startup's service allows customers in Bangladesh, Pakistan, and the Philippines to open FDIC-insured US bank accounts, a first for these markets. When customers receive payments, their funds are held with Bangor Savings Bank based in Maine, USA, which insures deposits up to $250,000 through the FDIC, states a press release.

Since its inception, Elevate Pay has raised a total of $10 million in equity and debt from investors such as Y Combinator, Goodwater, Global Founders Capital, and VSQ.