Starting in war-torn Sudan, YC-backed Elevate now provides fintech to freelancers globally
- Bloom, now Elevate, has launched its product in certain emerging markets, primarily targeting people in East and North Africa.
- The startup aims to help users protect their wealth by offering high-yield savings accounts and digital banking services based on the US dollar.
- Elevate has signed up over 150,000 people across its new markets and plans to launch savings and investment products in the future.
Elevate's launch in emerging markets, particularly in East and North Africa, shows promise in addressing the financial challenges faced by users in these regions. By offering high-yield savings accounts and digital banking services based on the US dollar, Elevate aims to protect users' wealth from inflation and currency devaluation. The startup's focus on freelancers and remote workers in these markets is a strategic move, as it taps into a growing demographic that requires cost-effective solutions for receiving international payments. However, the ongoing political instability in Sudan poses challenges for Elevate's operations in the country.
